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FINANCIAL TIMES 


Mexico: the problems 
cash cannot 
solve. Page 24 


No. 30,189 


EUROPE’S BUSINESS NEWSPAPER gpga-r-aa— 

Friday March 20 1987 1 D8523E 


World news 


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US share trader 

admits illegal 
deals with Boesl 


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Nippon Life to 
pay $530m for 
Shearson stake 

BY OUR NEW YORK CORRESPONDENT 


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BY WILLIAM HALL IN NEW YORK 

UR BOYD L. JEFFERIES, one of five years and will cooperate fuDy ; 
the best-know US traders in large with the SEC in its continuing in- 

Mryfr -i of shares in some of the big- vestig&tkms. . . «_ J 

gest takeover battles in recent The criminal charges ag^nst Mr 
fSrs,^dyesteitlBy he would JeHenesreaifted firm a tinnsac- 
SS guilty toc-targes of illegal ton w ^chtoagn^°ii behrff 
with Mr Ivan Boesky. 

the disgraced US stock speculator, from .~Lr£ 

MrjSferies, 56, founder and esky and later to resell the stocks to 

diairman of the Jefferies Group, a such ratifies. . ^ ^ 

Los Angeles-based broker winch Withm toys of *** 
touting in tog blodcs market value 
oTtoreTfor institutional investors feD sharpl y foHowing 
OTtoto established stock ex- agreemerrt, a a*^®^*"* 

changes, is the latest in a growing Jefienes 8s Co $3m (£L9m) to offset 

list of weH-knawn US financiers to the loss. . , 

be named by the US Securities and , ^ 

Exchange Commission (SBC) in Ha lowing the toss, he 
"^ETSta^d tom hi. MneeSSS-atthoughJa ten es 

firm* yesterday and*said he would &&treatedthe$3masanoffsetto 
plead guiBy to two fe lony counts of tetosse|_^ tfe* enabled one of 

violating US securitus laws. ^ Boesky entities to make a false 

In a statement released by his t,, mk * n Mr 

fl™. “f J^taies has agreed to plead guilty 

cept note req>rariMtity to ttes e on^fMr Boeskys enti- 

transaetions. I think it is appropn- fa iq, entry. He has also 

ate that I suffer to craa^praora J^g^fgS^to a viotokm 

for my actons rather than the com- ^ <^y; on a securities pur- 

p02QTa rhfl<y. 

He has agrerftohe tarred SEC has alleged tot Mr Jefi- 

to securities business far at least *«*=*»~ 


fetes and the Jefferies group vio- 
lated federal securities laws by en- 
gaging in two types of unlawful era- 
duck market mani pu la ti o n and 
■parking" of securities, a form of 
m^ gal share trading aime d at 
^iegiiiging true ownership of blocks 
of shares. 

Use SECs success in persuading 
Mr Jefferies to plead guilty marks 
nnritor breakthrough in its widen- 
ing investigation into Wall Street 
trading abuses. 

Until now, most of to SECs pub- 
licised work has centered cm the 
questions of tawder trading with 
Mr F fl»glry helping the SEC ca t c h 
his fonnw infor mants who sold him 
information on i mm i nen t takeover 
tatties 

However, the latest case indi- 
cates that the SEC has made con- 
siderable progress in tracking down 
suspected abuses during the recent 
boom in US corporate takeovers 

Jefferies & Co is not a member of 
an established stock exchange and 
has often been used as a mechan- 
i iurn by which corporate raiders and 
, others could quickly and quietly 
< nmim substantial blocks of shares 
in unsuspecting targets. 

Profile, Page 6 


84 85 88 87 


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Guinness launches leg: 
action to recover £5m 


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BY CUVEWOLHAN M LONDON 

GUINNESS, Am in tern at ion al 
drinks company which is the sub- 

ject of a UK Government investiga- 
tion, yesterday announced that it 
tad issued writs to recover £5£m 


flPJJEaaj mm an 

itsformer chief executive, who was 
tomissedm January, and his anfi- 

rectar MrThomasWard, a US law- 

\ n rp 

High Court writs are toe fiig 
in vtot is expected to he a flood of 

ovll i rHo" B between to various 
companies and individuals who 
were involved in Guiiinestf CLSm 
takeover battle far the Distillers 

group a year ago. 

At a board meeting yesterday, 
to Guinness directors agreed to 
put an extraordinary resolution to 
shareholders at the company’s genr 
eral meeting on May 27 to re move 

Mr Saunders and Mr Ward as com- 

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in January because of fitrir involve- 
ment in a £500m operation to boost 

Guinness shares artificially and m 
possible breaches of the Companies 
Act during the Distillers takeover 
battle. The two men, however, have 
so far refnsed to resign. . 

The writs refer to a sum of 

that Guinness paid last year, u« a 
ently ra tta authority of Mr Saun- 
ders and Mr Ward, to a Jersey- 
based company, Marketing and Ac- 
quisition Consultants, tor services 
supposedly related to the takeover 
battle. 

Guinness has been con du c tin g a 

separate action in the Jersey courts 
to try and trace the money, most of 

which appears to have been trans- 
ferred to Switzerland. The , < *^’ 
man of MAC, Mr Michael Dee, 

cteimed that the money was pate as 

a fee to Mr Ward tor bis^ "cpnratan- 
qy services" d u rin g the takeover 
battle. 


In response to the legal action, 
Mr Ward made his first public an- 
nouncement yesterday - through 
his lawyers - since the investiga- 
tion into Guinness by the Depart- 
ment of T^ade and Industry began 
in December. He claim ed th at the 

£5^m were in fact bis earnings. He 

said that after deductions to pay US 
federal and state taxes and "certain 
expenditures”, to remaining sum 
was in his possession on depoat m i 
to US. 

Mr Ward said tot, more than a 
week ago, be contacted Guinness 
executives and offered to put this 
money into an escrow account, 
where it would be left untouched 
until the various claims were rf - 
soteed, and let to question of his 
entitlement to it go to “expetotimri' 
arbi tr a tion. Guinness tad refused 
to respond to tins offer, Mr Ward 

Q mriime d on Page 26 


to board to resign toir positions battle. 

Australia unveils defence plan 

to defend S5». strategy to be mpte- 


- * 

Presidrat Gustav Hnsak . ^ 

Husak l 
endorses ' 
Soviet | 
reforms “ 

“i 

By Leas* CoDtt In Berlin E 

PRESIDENT Gustav Husak, the e 
C zechoslovak leader, has endorsed 
a major switch to Soviet-style eco- l 
nomic and political reforms in his e 
country, ahead of a visit by Mr Mi- f 
K|.«rii Gorbachev, the Soviet leader, l 
next month. _ . .. * 

Czechoslovakia, Mr Hnsak said, i 
faced the "biggest change in the 1 
system of economic management ] 
ynw> nationalisation" after the Se- 
cond World War. But to only new i 
initiative mentioned in his speech i 
to the Central Committee of to 
Communist Party on Wednesday 
night was the enactment of a new 
State Enterprise law by June, 
w hich could include the election of 
managers. 

Western political and economic 
analysts in Prague said Mr Husak's 
remarks, while a verbal endorse- 
ment of Soviet reforms, did not 
specify either how, or even 
whether, toy would be applied m 
Czechoslovakia. 

Mr Husak's Government has had 
more difficulty than most in East- 
ern Europe in responding to new 

environmental Moscow. Talk of re- 
form -which recalls to liberalising 

principles of to 1968 Prague 
Spring which was put down by a 
Warsaw Pact invasion -isso- 

pressed because Mr Husak and his I 

Politburo hold their positions as a 
result of their anti-reform orienta- 
tion. 

In tins context, it is interesting 
that the President used to word 
■reform" when speaking of econom- 
. ic restructuring “or, if you will, re- 
! form." He also called for a more 
’ open policy on i nfo rm a ti on as part 
; of the democratisatura of Czechos- 
I lovalrian society. 

_ Two months ago, Bar Husak an- 
" nounced a programme of economic 
» restructuring which would give to- 
il Continued on Page 26 

4 Yugoslavs fight hyper-infiation, 

t Page 24 


AMERICAN EXPRESS, the US fi- 
nancial services group, has tenta- 
tively agreed to sell a 13 per cent 
stake in its Shearson L e h man 
Brothers securities operation for 
S530m to Nippon Life Insurance, 
the biggest Japanese life assurance 

company. ,__ J 


that it had reached a “general us- < 
derstanding" with Nippon Life un- j 
der which to Japanese group 
would make a 13 per cent equity in- 1 
vestment in Shearson Lehman ( 
which in ferns of its capital and , 
subordinated debt of S3.1bn ranks , 
as the third biggest securities firm 
on WaD Street 

In addition, American Express, 
Shearson and Nippon Life would 
“explore mutually advantageous, 
nonexclusive business and invest- 
ment opportunities." 

Yesterday’s announcement is the 
latest indication of growing J«P^ 
nese interest in investing in to US 
financial services industry. It fol- 
lows Sumitomo Bank's $5C©m pur- 
chase of a 12.5 per cent investment 
in Goldman Sachs last year, al- 
though tins excluded a direct equity 
link. 

The attractiveness of Tokyo fi- 
nancial groups as a source of poten- 
tial capital is reinforced by their ap- 
parent willingness to pay a high 
price for a foothold on Wall Street, 
which has been alive with rumours 
in recent months that major US 
securities firms were co n s idering 
ties with Japanese investors. 

American Express refused to say 

yesterday whether to proposed in- 
vestment involved new capital for 
: shearson or whether American Ex- 
: press would be receiving to pro- 
i peefls for part of its own stake. 
gjmwm n i,i»hmfln Brothers has a 


net worth of SL3bn and Mr W alter 
Montgomery, an American Express 
offioal, said to proposed stake val- 
ued Shearson at roughly three 
times its book value. 

American Express shares have 
risen after to disclosure earlier 
this month that it was c onsi dering 
calling a minority stake in Shear- 
son, which contributed S3 18m of its 
Sli5bn net income in 1986. 

American Express, which over 

to last two years has sold off most 

of its investment to its formally 
wholly-owned Fireman's Fund in- 
surance affiliate, said yesterday 
that it was continuing to evaluate 
“various courses of action of strate- 
gic importance to Shearson Ira- 
nian, in addition to the possible in- 
vestment by Nippon Life" 

The options range from expand- 
ing Shearsotfs capacity to meet in- 
ternational competition to broaden- 
ing further its access to capital 
However, American Express said 

that “all to courses of notion under 

study reflect to continuing integral 
role of Shearson in American Ex- 
press’s worldwide financial services 

strategy." , , . . 

A merican Express shares, which 
had risen by SI to 578% in heavy 
trading on Wednesday, added to 
STB# in early trading yesterday. 

Our Financial Staff adds: Earher 
■ Mr Tbkutaro Hirose, a Nippon Life 
| vice-president, at a press confer 
' mice in Tokyo would acknowledge 

! only that it was "considering" such 
a purchase. 

r Nippon Life, an unquoted mutu a l 
' company which pays dividends to 
r its policyholders, tad total assets of 
► Y12.BQ2bn ($83Jbn) by March 1986, 
K the end of its last financial year. 


Trade policy unresolved, Plage6 


vw party written off 

by currency losses 

BY ANDREW flSMER W WOLFSBURG 

THE SPEECHES had been written. Now to assemhly of the 50 mflb- 
the factory entrance newly painted, onth car, probably a Golf, wiDbe 
andtoguests invited. honoured in to same mo^stw^ 

lie complet ion of Volkswagen's that previous such anniversaries 
50 millionth car next Monday at have been celebrated. 

1015 am was to have been an occa- It will stop on a white line in Hah 
sum celebrated with grand words, 12, just past the spot where girls 
and a buffet for more than the horns a final toot and to 
400 guests. electronics their final testing. 

But to inconvenient ma tter of u p Decorated with flowers, it will be 
to DM 480m (S282m) of currency ^ ^ a brief 20-minute cer- 

tosses has caused an embarrassing ajnn presided over by Mr Carl 
change of plan at VW, where state Wattw ^ chairman d to 

nwestip^arenowteymg tof^ ^est German company. 
the odpn te brimri the fm-tatart Continued on Page 26 


HIT BY PROPERTY 

PROBLEMS? 


“■tsbsssks: — ..—a as ™ ■“ — — * 


;; X 'Tr? 

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ONE COMPANY HAS ALLTHE ANSWERS. 


Property plays a tigpificata part in any bushiest 

So when to time comes to seek professional advice it pays to decide on on ^^ i “ mpany 

which has to kvckqichknowMge and experieiK* to ftiflaH your property 

And, obviously, iris important ro contact to prof esoonais before property problems stnke 
your bustoess. 

FuBer Reiser offer a conyrehensive service in anas MB 

as Overseas disposal arulacqidsition* valuation and MbjBB 

appra^ in to UK and oversea, devekjpment and 

pibjeet management, rating and rent negotiations for mm 

both landlords and tenants. 


FULL DFIAILS OF OUR ENTIRE RANGE OF PROPERTY SERVICE ARE AVAILABLE FROM. 

THAVES m HOUSE, 3*4 HOLBORN CIRCUS. 

WEST MX SHEHHEIDl EDINBURGH AND TORONTO. ASSOCIATED OFHCg THROUGHOUT im. 













2 


Financial Times Friday March 20 1987 


EUROPEAN NEWS 


Moscow lifts the curtain on extent of crime in Soviet Union 


BY PATRICK COCKBURN IN M05C0W 


ALMOST three-quarters of all 
murders in the Soviet Union 
occur in the home and a third 
of all criminals are drunk when 
they commit a crime, a wording 
to Mr Alexei Vlasov, the 
Znterior Minister, giving the 
most detailed description of the 
extent and structure of crime 
in the Soviet Union yet given 
by a senior official. 

He claimed that violent crime 
had dropped rapidly since the 


dampdown on the sale of 
alcohol in 1985- The number 
of murders in 1986 fell by 2L7 
per cent and cases of serious 
bodily injury by 24 per cent 
compared with the previous 
year. 

Mr Vlasov's interview with 
the newspaper Literaturnaya 
Gazeta appears to indicate that 
the Soviet Union will soon Issue 
crime figures for the first time. 
These have hitherto been kept 


secret The Interior Minister, 
who is in charge of the police, 
said his men were hampered by 
the secrecy surrounding the 
crime figures which also 
encouraged rumours exaggerat- 
ing the amount of crime. 

Reform of the police was also 
crucial to any real improve- 
ment in the civil rights of the 
average Soviet citizen and the 
creation of a more equitable 
legal process. 


Speaking of murder. Mr 
Vlasov said that in the US they 
were most typically committed 
"in public places, on streets, in 
squares, but with us, 70 per 
cent of all murders are carried 
out in the home: a person gets 
drunk in his apartment has a 
fight and goes for the kitchen 
knife.” 

Although drunken crime has 
fallen by about a quarter over 
the past year, the making of 
moonshine (samogen in Rus- 


sian) has increased rapidly, 
with some 900,000 private stills 
.confiscated or handed over 
voluntarily. 

Mr Mikhail Gorbachev told 
the Communist party central 
committee in January that dur- 
ing the 28-year rule of Mr 
Leonid Brezhnev corruption 
had become rampant in the 
Interior Ministry. General 
Nikolai Shcboldkov, the minis- 
ter for many years, was forced 
to resign in 1983 and later 


stripped of his rank but died 
before he could be brought to 

tr ia l. 

The drive to dean up the 
police force was farther under- 
filled last month when the 
Soviet official spokesman ait 
nonneed that Mr Yuri Churba- 
nov, the former Deputy Interior 
Minister and Mr Brezhnev's 
son-in-law, had been arrested. 

Mr Vlasov also admitted that 
at street level the police were 
often corrupt or poorly trained 


and said that the force lacked 
a nucleus of professional detect 
tives. Petty corruption ia par- 
ticularly rife among the traffic 
police, despite the aefejag of 
thousands of them 1984, 
according to the daily Izvestia. 
A correspondent who dressed 
op as a police officer s ays h e 
was repeatedly offered driving 
licences containing a three 
rouble note, drivers "never 
dreaming that an inspector 
would refuse money.” 


ON A CLEAR winter’s after- 
noon the Taurus mountains can 
be seen on the horizon 50 miles 
away from Kyrenla, Northern 
Cyprus, on the southern coast 
of mainland Turkey. 

The sea between Turkey and 
Cyprus turns into a magnificent 
waterway and one wonders how 
the Greek Cypriots who ruled 
this area until 13 years ago 
could ever have failed to come 
to terms with the fact that they 
lived in the shadow of a country 
with a hundred times their 
population. 

No such forgetfulness is to 
be found in the Republic which 
the Turkish Cypriots have 
created for themselves. How- 
ever out of touch with the rest 
of the world, the Turkish 
Republic of Northern Cyprus 
feels to the visitor (who asks 
himself sometimes whether it is 
Ruritanla be is reminded of 
or Liiliput) — eyes are constantly 
trained on political develop- 
meats in southern Nicosia or 
Athens. 

*• We don't believe that the 
Greeks want a solution.” says 
Mr Dervis Eroglu, the Turkish 
Cypriot Prime Minister. "We 
are not very hopeful about the 
prospects for any negotiations 
being held and I personally 
doubt that there is any chance 
of a solution before the Greek 
Cypriots hold their presidential 
elections next year." 

It might seem slightly sur- 
prising to hear Turkish 

Cypriots accusing the Greeks of 
cot wanting a settlement. Out- 
side observers have often 
suspected that, after the 
Turkish invasion of 1974 cut 
the island into two parts, the 
Turkish Cypriots were largely 
content with the status quo 
which gave them — about 

160,000 people — their own 

statelet and 34 per cent of the 
island. 


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eipcra^ 

_ USANON/ 



The Turkish Cypriot perspec- 
tive. however, is that since the 
1950s they have been struggling 
to find terms on which they can 
live with the Greeks. 

In their view, a formula was 
reached in the independence 
constitution of 1960, and then 
deliberately destroyed three 
years later by President 
Makarios in an abortive push 
which would have culminated 
in Esosis (union with Greece). 

Turkish Cypriot determina- 
tion to have equal communal 
rights (though they are only a 
fifth of the total population), 
the backing of mainland Turkey 
and Greek political miscalcula- 
tion created the situation which 
exists today. 

In the view of senior Tu/dsh 
Cypriots, such as Dr Kenan 
Atakol, the Foreign and De- 
fence Minister in the North, 
Britain and the US sowed the 
seeds of the subsequent tragedy 
in December 1963 when they 
decided to continue extending 
total recognition to the Greek 
Cypriot government. 


New efforts by the UN last 
month to rejuvenate talks be- 
tween Greek and Turkish 
Cypriots have stalled, officials 
and diplomats told Beater In 
Nicosia. 

Greek-Cypriot officials con- 
fire md reports from northern 
Cyprus that UN envoys 
Maria ck Go aiding and 
Gustave Feissel last month 
proposed UN-sponsored "para- 
llel" talks between the tow 
sides to break a yearldd 
deadlock. 

“I can confirm Greek- 
Cypriot acceptance of what 
was discussed,” a UN spokes- 
man said, but he declined to 
elaborate. 

" The Greeks have never had 
the incentive for a solution, " 
says Dr Atakol. "They get all 
the recognition and all the aid. 
Why should they want to share 
that with us? ” 

Dr Atakol blames the US for 
the present isolation of the 
Turkish Cypriot republic. 
" Pressure from the US is stop- 
ping Moslem countries such as 
Bangladesh from recognising 
us," he says. "Bangladesh did 
recognise us, then withdrew its 
recognition because of 
American pressure. " 

If the Turkish Cypriots 
grumble about the relative 
economic imbalance, claiming 
that the Greek Cypriots have 
$70-80m of European Com- 
munity aid. compared to 86 or 
$7m for the North, they are 
still not discontented. 

Life is very easy, almost 
idyllically so in the North, with 
consumer goods from Britain 
available in the shops despite 
a trade deficit which Is much 
larger than the Turkish 
Cypriots’ export earnings. 


The Turkish Cypriot 
leader, Mr Rauf Denktash, 
said before the two sides met 
that Greek Cypriots must first 
accept a draft UN federal 
accord which they had re- 
jected after it was unveiled In 
March 1985. Mr Denktash said 
he had accepted the proposal. 

"If the Greek Cypriots do 
not accept the draft, then 
what meeting and why?” 
northern newspapers quoted 
him as saying. 

The UN draft proposes a 
jointly run federal republic 
in Cyprus with a complex 
power-sharing federal execu- 
tive and a large measure of 
autonomy for both communi- 
ties. 

This too is partly the result 
of a subsidy — this time from 
mainland Turkey. A year ago 
Mr Turgut Ozai, the Turkish 
Prime Minister, resolved to run 
down the subsidy over five 
years. Last December, the 
Turkish Cypriots managed to 
get the subsidy restored, on 
condition that they take steps 
to set their house In order. 

As a result, laws are now 
being changed to encourage 
tourism and foreign investment, 
along with such novelties as 
offshore banking. Market forces 
will be encouraged, just as they 
have been on the mainland. 

Though most Turkish Cypriots 
would probably like to be as 
wealthy as their southern neigh- 
bours on the island — whose 
skyscrapers can be glimpsed on 
the southern horizon — the 
appetite for rapid change is not 
strong. 

Economic growth would 
almost certainly bring new poli- 
tical changes in tow. It might 
foster much closer links with 
mainland Turkey. It conld also 


bring a settlement on the island 
closer. 

“ A federation is not possible 
without economic balance 
between the two Cypriot com- 
munities," says Dr Atakol "It 
is the great discrepancy which 
makes it hard to create a feder- 
ation. ” 

Like most Turkish Cypriots, 
however, Dr Atakol expects that 
things will stay very much as 
they are for the foreseeable 
future but that trading links 
will one day be followed by 
recognition. 

“ I trade with both the North 
and South side of the island,” 
a British businessman declared 
in Kyrenia. “ At first the Greek 
Cy p ri ot s started threatening 
and insulting me. I was even 
served with a writ But I just 
politely ignored it and now I 
find I can deal with the whole 
of Cyprus without any prob- 
lems. " 

“ Recognition will come 
sooner or later, ” says Dr 
Atakol. " Even if we cant give 
a date for it. ” 

Like other Turkish Cypriots, 
he seems to feel that the arena 
for settling the dispute is now 
gradually shifting from the 
United Nations, which has 
become something of a relic of 
the island’s past, to the Euro- 
pean Community. 

Custom union talks between 
the Greek Cypriots and the 
Commission cause much anxiety 
in Northern Nicosia, as the 
Turkish Cypriots expect to 
emerge worse-off in any deal 

“On the other band.” a 
Nicosia businessman said, "If 
there is ever a solution, per- 
haps it will only come when 
and if both Turkey and Cyprus 
have been absorbed into the 
EEC and even the thought of 
a new war between them 
becomes completely impos- 
sible.” 


BY LAURA RAUN M AMSTERDAM 


THE NETHERLANDS' coalition 
parties, the Christian Demo- 
crats and Liberals, together 
won 4SJ5 per cent of the votes 
cast in Wednesday's provincial 
council elections, rather less 
t ha n in last year's general 
election. 

The Labour Party, the largest 
in opposition, captured an un- 
changed 33 per cent; while the 
«m«» left- and right-wing 
parties gained some ground. 
An unexpectedly low 66 per 
cent of eligible voters tamed 
out to Choose the 748 council 
seats in all 12 provinces. 

In June, the provincial coun- 
cil members will elect the 75 
members of the First (upper) 
Chamber of Parliament. Based 
on Wednesday’s outcome the 
centre-right coalition parties 
will barely maintain their 
majority with 39 seats, com- 
pared with 42 now. The 
Socialists are forecast to obtain 
26 seats, a dramatic gain from 
17. 

The provincial elections are 


Poles protest over prices 

BY CHRISTOPHER BOB1NSK1 IN WARSAW 


POLAND’S new unions have 
demanded that the Government 
reduce the scale of planned rises 
this year in the price of food, 
energy and other basic items. 
Their demand comes before a 
round of increases expected 
next month and is accompanied 
by the veiled threat of protests. 

The Government is pl anning 
to raise prices this year by 17 
per cent. Nominal wages are 
due to go up by IS per cent. 

The unions were set up in 
1982 to replace Solidarity and 
membership has levelled off at 


around 6m. Their leaders, Mr 
Alfred Miodowicz, became a 
member of the Communist 
party Politburo last year and 
the movement continues to be 
viewed with suspicion by wor- 
kers. 

However the force of their 
latest statement reflects the 
depth of feeling in the country 
about the scale otf toe planned 
increases. The Government, for 
its part, says it wants to make 
substantial progress towards 
balancing supply and demand 
internally to boost efficiency. 


David Barchard finds little impetus for change in the north of the divided island I Dutch coalition loses 

Turkish Cyprus looks to EEC for a solution ground in local pons 


the first test of the political 
waters since the Christian 
Democrat-Liberal coalition’s 
surprise victory last year and 
are viewed as a reliable 
measure of voter "swings. 
National issues dominated the 
low-key campaign. 

Labour’s failure to make 
better gains, however, is viewed 
as a black mark for Mr Kok, 
who took over the party helm 
last year. 

• Industrial production edged 
up by 3 per cent in January 
co mpa red with the year-earlier 
and by 5 per cent over Decem- 
ber, according to seasonally 
adjusted figures. The central 
bureau of statistics said that 
higher oil and gas activity 
helped lift the figure. 

The industrial production 
index includes the energy and 
utility sectors but excludes con- 
struction. The narrower manu- 
facturing index was fiat In 
January compared with January 
last year, but 2 per cent above 
December’s level. 


French rail 
to shed 
more jobs 

By David Houscgo b Paris 

THE TRENCH r a ilw ay s 
(SNCF) are to accelerate job 
cuts because of a downward 
revision in forecasts of pas- 
senger and freight traffic due 
partly to the effects of the re- 
cent rail strike. 

The SNCF is to reduce the 
workforce by an extra 230Q 
tiffs year on top of 8,000 already 
planned, bringing the number 
of employees to 222,600. Unions 
immediately ' condemned the 
move 

The accelerated cut follow 
revised forecasts that " pas- 
senger .traffic will be 5A per 
cent below estimates , made last 
November — giving a new total 
of 51bn passenger/km in 1987 
— and that freight traffic win 
also be down by 5£ per cent 
48bn tonne/km. 

The changes reflect both the 
direct loss of traffic caused by 
the strike In' January — the 
longest in French rail history 
— and the indirect' efforts re- 
suiting from a shift of traffic 
in favour of road transport On 
top of this, the SNCF believes 
that tower oil costs have 
favoured road transport more 
than had originally anticipated. 

The decline in . passenger 
traffic brings to an end a long 
period of growth as a result 
of the TGV highspeed train. 
The railways expect traffic to 
increase again when the TGV 
lin» from Paris to the Atlantic 
coa$t comes into service in 
1989-80. - 

The SNCF says the e x t ra fob 
tosses were inevitable in the 
light of its commitment to 
eliminate operating losses by 
1989. The SNCF made. . an 
ouerating profit last year of 
about FFr 4bu (£412m). 









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Financial Times Friday March 20 1987 

EEC ministers 
tell steelmakers 
think again 


EUROPEAN NEWS 


W QUBMTW PEEL IK BRUSS5 

^iaisters agreed 
to give their big 
steel producers more tim» to 
agree on voluntary cuts in 
.i capacity but insisted that their 
plans fall far short of the toa- 
^ required to Iwtore 
equilibrium. 

They instructed the European 

22 n S5? n *» negotiateftS- 
per- cats above the 15 . 26 m 
■tonnes proposed by. Eurofer, the 
association of main EEC steel 
producers, in, the moso pollti- 
calty sensitive areas oi flat 
products and heavy sections. 

The decision amounts to a 
24-month reprieve, with ho 
decisions taken on any further 
moves to liberalise die steel 
market, as the Commission had 
hoped* 

Mr Karl-Beina Narjes, die 
Industry Commissioner, repor- 
ted yesterday that on the most 
pessimistic assessment, 
steel capacity in the Community 
would reach 32m tnnnoq jw 
1990. The best case scenario 
would put the figure at only 
2L5m tonnes. 

The ministers agreed that 
Eurofer plans for voluntary 
plant closures and capacity re- 
dactions “ remain well below 
the level of excess capaeitly,” 
although they “ appreciated the 
efforts ’ made by the producers. 

Eurofer mainhnTus that the 
. market is still too depressed 
for its 22 members- to survive 
a folly liberalised Systran, scrap* 


£>ing the rfeghne of fi«M pro- 
duction quotas which heb> to 
support prices. 

The actual cots propoed by 
Eurofer affect mainly long pro- 
duct% such as wire rod, mer- 
chant bam and quarto plate. 
C ommis si on officials doubt 
whether the full amount of 
15.26m tonnes is a g*wnfai» 
Bg«re, suggesting that it could 
be only 11.5m tonnes. 

The most sensitive area is for 
hot-rolled flat products, pro- 
dueed by the very large inte- 
grated steelworks, which are 
also the industry’s biggest em- 
ployers. This is where negotia- 
tions will now be concentrated, 
r y* - . 00 ? 5 Shw, the British 
Industry Minister, insisted that 
none of the British Steel Cor- 
poration's plants should be 
affected, as they were now 
that the Commission must take 
into account "the profitability 
and financial viability of com- 
panies in negotiating further 
cuts — a phrase accepted by the 
other aminlsters in their final 
declaration. 

The conclusion still well 
short of what the Dutch wanted, 
which is a rapid move to scrap 
all quotas by the end of the 
year. 

The ministers also asked the 
Commission to report back in 
June on how plant closures can 
be eased by “social* spending, 
aime d a t creating alternative 
employment, . and provi ding 
retraining. 


Weinberger chides Spain 
oyer military demands 


THE US Defence Secretary, Mr 
Caspar Weinberger, yesterday 
Chided Spam for pressing for 
sharp cuts in American military 
forces there and called an Nato 
to do more to shore up its 
southern fiank* Beater reports 
from Istanbul. - 

"If we do not do enough in 
time, we will never do it until 
it is too late,** he said in a 
speech near the end of a six-day 
visit to Spain and Turkey. 

In what US officials called a 
pointed reference to Madrid, 
Mr Weinberger said the Western 
alliance could not afford “back- 
tracking" from commitments 
SUCh as maintaining US military . 


facilities in host nations. 

Without mentioning Spain by 
name, he said: 'It would be 
damaging indeed to Nato to 
consider removing US military 
facilities without providing a 
full substitute for die loss of 
defence capability, so that there 
is no loss in either defensive 
military strength or. political 
support" 

Meantime, Mr Vahit Hale- 
fogln, the Turkish Foreign Min- 
ister. called on the Reagan 
administration to find ways to 
make np a shortfall in aid 11 
Congress does not 'vote the 
amount agreed by Ankara and 
Washington. 


Community 
environment 
year off to 
damp start 

by Our BnaMb Correspondent 

ENVIRONMENT ministers of 
the EEC yesterday celebrated 
the launch of the European 
Yeas of the Environment by 
a&eetag on stricter controls on 
sulphur an diesel fuel, setting a 
common position for Inter- 
national negotiations to protect 
the ozone layer, mid going for 
a walk in the woods on a wet 
and dismal afternoon. 

They also tightened up the 
rules for storing dangerous 
chemicals — even though some 
member stales have yet to put 
them into effect-— and finally 
agreed standards for disposing 
of asbestos waste, dust and fibre 
in factories. 

Their decision on the ozone 
negotiations, agreeing to call for 
limits on Ihe production of 
ehkwofloorocacbons (CFC). 
used in aerosol cans, air-condi- 
tioning, and packaging for 
hamburgers arid hot dogs, 
follows hard lobbying by the 
US and Nordic countries — but tt 
fells well short of the controls 
sought by environmentalists. 

The EEC ministers agreed 
that they would argue for an 
immediate freeze on CFC pro- 
duction, a subsequent 20 per 
cent production cut, and then 
for a sweeping review of the 
effect of CFC on die ozone layer. 

The decision puts them be- 
tween the position of the US, 
seeking rapid production cuts 
of 50 per cent and ultimate 
phasing out of all CFC manufac- 
ture, and Japan, which opposes 
any controls. 

It falls short of the tougher 
measures wanted by West Ger- 
many, the Netherlands and 
Denmark; but was reported to 
be tfie maximum acceptable to 
the UR. 

On sultfiur content in diesel 
fuel for lorries and central 
heating, the ministers agreed 
that from January 1 1989 the 
ywavjfwp wi sulphur content 
should come down from 0.5 
per cent to 02 per cent, with 
the option to go as low as 02 
per cent. They set the end of 
1991 as the target for all to 
reduce to 02 per cent. 

They also agreed to rein- 
force the Saveso directive on 
storage of dangerous chemicals 
by redudng the quantities of 
chemicals that a company can 
hold before it has to obey the 
rules on safety and reporting. 
So far only France, the UK, 
Denmark, Belgium and Ireland 
have fully adopted the directive. 



summit 


BY OUR BRUSSELS STAFF 

UR JACQUES DELORS. the 
European Commission presi- 
dent, yesterday renewed his 
appeal for EEC leaders to call 
a summit ou the whole question 
of arms control, East-West re- 
lations, and their common 
security. 

He issued his call as Mr 
Wiifried Martens, the Belgian 
Prime Minister, was meeting 
President Francois Mitterrand 
of France In Paris— both of 
them leaders who have ex- 
pressed sympathy for the Idea. 

Mr Delors rejected criticism 
that be was greatly exceeding 
his responsibilities by venturing 
Into the area of defence, when 
the competence of the Euro- 
pean Commission Is strictly 
limited to economic matters. He 
Insisted that the reforms to the 
Treaty of Rone, incorporated 
In the so-called Single European 
Act, gave him the right to com- 
ment on questions of “ the 
politicial and economic aspects 
of security "—although the 
Stogie Act has yet to be ratified 
by all member states. 

His appeal was first launched 
in a French radio Interview at 
the weekend, but was pointedly 
ignored by EEC foreign 



Delors: another broadside 

ministers when they met in 
Brussels last Monday. A sus- 
picion that he was none the less 
reflecting the views of Presi- 
dent Mitterrand came in an 
interview by the French head 
of state with the Italian news- 
paper Corriere della Sera, in 


which Mr Mitterrand supported 
the idea. 

Then, Mr Martens, the 
responsible for calling a summit, 
also expressed an interest — 
although his Foreign Minister. 
Mr Leo Tmdemans, dismissed 
it out of hand. 

Any suggestion that the EEC 
should be the forum for a sum- 
mit devoted specifically to 
security would be strongly 
resisted by the Irish Govern- 
ment as the one neutral member 
of the Community. It is also 
the one country yet to ratify the 
Stogie Act. because of a chal- 
lenge to it in the Irish Supreme 
Court. 

Mr Delors said that the latest 
initiative by Mr Mikhail Gorba- 
chev, showing a willingness to 
negotiate the complete removal 
of medium-range nuclear mis- 
siles from Europe, was a dual 
challenge to the Community. 
“Does Europe take the view 
that its security future is going 
to be settled above its head? " 
he demanded. 

“Any president of the Com- 
mission owes it to himself to 
ensure that the European Coun- 
cil (the EEC summit) deals 
with this situation in order 
that our Community should 


THE SOVIET UNION gave a 
low key account yesterday of 
tfie visit of Mr Michael 
Annacost, the US Under- 
secretary of State, to Moscow 
this week daring which he 
had talks on regional disputes 
and on the negotiations 
on banning medium-range 
unclear weapons In Europe, 

mites Patrick Coddmrn in 
Moscow. 

Meetings were "not con- 
frontational but we deplore 
that he did not bring anything 
new," Mr Gennady Gerasimov, 
the Soviet Foreign Ministry 
spokesman said yesterday. 
Talks on regional disputes 
would continue between US 


and Soviet experts. 

This cool reaction is in 
contrast to Hr ArmaeosTs 
more optimistic account of 
the results of his meetings 
with Mr Eduard Shevard- 
nadze, the Soviet Foreign 
Minister, and Mr Anatoly 
Dobrynin, the Communist 
Parly central committee 
secretary in charge oi foreign 
policy. 

The Soviet Union also gave 
a non-commital response to 
the speech by Chancellor 
Helmut Kohl on relations 
with Moscow, bat aaM It 
regretted his commitment to 
the use in the last resort of 
nuclear weapons in any 
future European conflict. 


take its destiny in its hands," 
he said. 

Speaking at a news confer- 
ence to mark next week’s 30th 
anniversary of the signing of 
the Treaty of Rome, Mr Delors 
said he was justified in step- 
ping outside nis “strict compe- 
tence" “when our freedom and 
security is at stake." He said: 
“We need to be open to peace.” 
“We need to be open to tbe 
other Europe. At the same time 


we need to be on our guard." 

He asked how the Commis- 
sion was to cany on talks with 
Comecon — currently under way 
in Geneva — without setting it 
“to tbe total context." He re- 
jected suggestions that a sec- 
urity summit would be Just 
about military questions: "Mr 
Gorbachev’s policy does raise 
significant strategic economic, 
social and other problems,” he 
said. 


Andreotti tries 
to preserve 
coalition bid 

By Alan Friedman In Mi bn 

MR GIUUO ANDREOTTI, the 
veteran Christian Democrat 
politician charged with forming 
an Italian government, was 
yesterday trying to keep his 
effort afloat to the wake of 
opposition from the Socialist 
party to his formula for 
avoiding relerendums on 
nuclear policy and judicial 
reform due to June. 

The Socialists have rejected 
the formula contained In an 
11 -page letter sent earlier this 
week to tbe party secretaries. ) 
Mr Andreotti offered a com- 
mitment to change the laws on 
nuclear and judicial policy — 
thus effectively giving the 
referendum sponsors a victory [ 
—to exchange for «h*niiftniwg 
the referendums. 

Although the Socialist posi- 
tion increases the prospect of 
an early general election, the 
party executive did not reject 
Mr Andreotti’s effort to forqt 
a government in absolute terms. 
The Socialists, like the Chris- 
tian Democrats, do not wish to 
be seen as provoking an 
election. 


French industry boosts investment abroad 


BY DAVID HOUSEGO IN PARS 

FRENCH industry has sharply 
increased its direct investment 
abroad in OTder to strengthen 
its foothold to foreign markets. 

According to the Ministry of 
External Trade, foreign invest- 
ment by French companies rose 
by 70 per cent to FFr 34hn 
(£3.4bn) last year. 

About half of this was con- 
centrated in the US where Air 
Uqoide, tbe industrial gases 


group, acquired Big Three fbr 
about Slbn, and Rhone-Poulenc, 
the chemical company, pur- 
chased tbe agro-chemical divi- 
sion of Union Carbide for 
3800m. 

The sharp rise reflects the 
relaxation of restrictions on 
foreign investments by French 
companies which were streng- 
thened nnder the Socialists to 
encourage French industry to 
concentrate its resources — and 


hence the creation of new jobs 
— at home. 

The policy has been increas- 
ingly abandoned as successive 
administrations have taken 
stock of the potential loss of 
export markets through the 
failure of French industry to 
invest sufficiently abroad. 

In net terms, foreign invest- 
ment by French companies rose 
from FFr &4bn in 1979 to 
FFr 25bn in 1981 before falling 


back to FFr 14bn in 1988. 

In addition to employment 
considerations, French com- 
panies were under pressure to 
restrict their foreign invest- 
ments for exchange control 
reasons. 

Apart from the US, French 
direct investment also rose in 
Switzerland (to FFr 2.4bn) and 
Britain (FFr 22bn). It 
remained relatively small In 
West Germany (FFr 12bn) 


Brussels fans the fires of CGCT affair 


BY PAUL BETTS IN PARIS 

MR GERARD LONGUST, the 
French Post and Telecommuni- 
cations Minister, reacted angrily 
yesterday to the intervention of 
Mr Jacques Delors, the Euro- 
pean Commission president, in 
the already heated industrial 
and political battle over the 
future of Compagnle Generate 
de Constructions TeJephonJqaes 
(CGCT), the troubled French 
state public telephone switch 
maker. 

Mr Delors suggested on 


French radio that be favonred a 
European solution for CGCT 
and made clear that he sup- 
ported the bid by sipm^w^ of 
West Germany. 

Mr Longuet, who Is believed 
to prefer a rival bid by a part- 
nership between AT A T and 
Philips, criticised Mr Deters for 
implying that France only had 
once choice, which was to decide 
on a CGCT link with Siemens. 
Be pointed out that there were 
other bidders interested in 


CGCT, including Ericsson of 
Sweden and Northern Telecom 
of Canada as well as AT A T. 

Although the minister ack- 
nowledged yesterday that he too 
shared Mr Delors “European 
prejudice,” he added that it was 
also necessary to have a selec- 
tion of bidders. Moreover, the 
final decision, expected before 
the end of next month — in- 
volved a combination of factors 
including industrial and tech- 
nological considerations as well 


as political and diplomatic and 
diplomatic ones. 

The reaction of Hr Longuet 
who criticised Mr Delors* inter- 
vention first on radio and later 
on the wires of the French 
national news agency AFP re- 
flects the acute political sensi- 
tivity of the affair from the 
French Government, which has 
come nnder intense lobbying 
from Washington and Bonn to 
decide in favour of their res- 
pective candidates. 



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Financial Times Friday March 20 1987 


OVERSEAS NEWS 


Chris Shenrell reports on a long-awaited white paper that seeks to join independence with co-operation 

Australia plans ‘comprehensive defence in depth’ 


YESTERDAY’S long - awaited 
White Paper on defence from 
the Australian Government is 
the most detailed assessment 
ever published of the military 
threats the country might con- 
front and of the capabilities it 
needs to respond. 

It comes eight months after 

publication of a comprehensive 
defence review by Mr Paul 
Dihb, who now heads the Joint 
Intelligence Organisation. It 
broadly follows Mr Dibb's 

analysis and recommendations 

concerning military strategy 
and the structure of the armed 
forces. . ... 

The Government has deliber- 
ately avoided mentioning Mr 
Dibb’s " strategy of denial ” 
which would draw the emphasis 
of Australia's defence policy 
both to an essentially defensive 
role based within the country 
rather than an offensive policy 
under which offensive strikes 
could be launched against poten- 
tial aggressors. However, even 
thougb these words are not 
used, this principle has clearly 
been adopted. 

Canberra has also avoided 
commitments to a real growth 
in defence spending, although 
its ambitious equipment, opera- 
tional and recruitment plans 
entail outlays of an estimated 
2.6-3.0 per cent of gross domestic 
product annually. 

11 We can afford the defence 
we need, provided we focus 
carefully on our real priorities,” 
Mr Kim Beaziey, the Defence 
Minister, told Parliament. With 
tough financial management, 
“ we can have more defence 
without spending more money.” 

Explaining the Government's 
overall policy, Mr Eeazley re- 
peatedly drew attention to 


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Australia’s “unique defence 
situation” and the need for 
unique solutions. 

He also dwelt heavily on the 
importance of support from 
Australia's allies, particularly 
the US, in order for Australia 
to have the self-reliant capabi- 
lities for its independent de- 
fence and thereby contribute to 
Western security. 

On potential military threats, 
Mr Eeazley said that a rigorous 
and careful analysis had shown 
that no regional power had the 
capability to mount a major 
attack on Australia. 

But. he added, "the capabi- 
lity to mount smaller scale — but 
still serious — military opera- 
tions against us already exists 
in our region." 

“ The importance of low- 
level contingencies poses a 
unique challenge to Australia's 
military planning,’' said Mr 
Beaziey. "Preparation for low- 
level threats requires unique 




planning and operational con- 
cepts.” 

According to the Government; 
Australia needs: 

• High quality intelligence 
about military developments in 
the region, together with 
flexible, long-range capabilities 
for maritime surveillance and 
interdiction. The aim is to deny 
an adversary effective use of 
the sea and air to the country's 
north. 

* A highly mobile army which, 
with air and naval support, can 
react to any incursions right 
across the contingent. These 
forces should be able to protect 
the military and civilian infra- 
structure and population in the 
most remote parts of the 
country. 

Mr Beaziey said these capar 
bilities were needed as part of 
a " comprehensive defence in 
depth ” which would ensure that 
an opponent “ would founder on 


AUSTRALIA'S economy grew by 
only 1.35 per cent in eate-nAtr year 
1888, and economists expect the fig- 
ure for the financial year to June to 
be less than half the projection of 
2.25 per cent made in the Govern- 
ment's budget last August 
Figures released yesterday for 
the December quarter showed a LI 
per cent real growth in gross do- 
mestic product on the same quarter 
of 1985, and 1.35 per cent year-on- 

year. 

The quarter-to-quarter perfor- 
mance was the best in 15 months, 
but the financial markets interpret- 
ed this cautiously in light of the 

layers of deployed defence 
assets.” 

Under this strategy, Austra- 
lia’s “first layer” of defence 
involves a key addition to its 
regional capacities in the field 
of intelligence — namely, a 
AS 500m network (£227m) of 
three over-the-horizon radars in 
tiie country's north. 

Called Jindalee, and locally 
developed, the system may be 
supplemented later with an air- 
borne early warning capability. 
New sensors will also be fitted 
to the Air Force’s 20 Orion P-3C 
maritime surveillance aircraft 

Australia's vital access to 
complementary US intelligence, 
especially satellite intelligence, 
will, meanwhile continue, but in 
a new move the Government 
will also build its own satellite 
intelligence facility in Western 
Australia. 

Apart from the availability of 
US intelligence, he said. 


trend over foe year. 

It was seized upon by Mr Bob 
Hawke, the Prime Minister, and Mr 
Paul Keating, the Treasurer, as evi- 
dence that the government’s strate- 
gy was right and its objectives were 
being achieved. 

But Mr Paul Keating reminded 
Australians that Ve still have a 
tong way to go" in the country's eco- 
nomic adjustment process. Be 

added that continued restraint was 
necessary in wages, prices and by 
government. 

Economists warned that too 
strong a growth recovery might 
worsen the current account deficit 

Australia purchased its most 
important defence equipment 
from the US and had guaran- 
teed access to a ready re- 
supply of essential war stocks. 
The US alliance also provided 
a substantial deterrent 

The key element of 
Australia's “second layer” of 
defence will be its long-range 
strike capabilities — the offen- 
sive element of an otherwise 
broadly defensive strategy. 

These include two squadrons 
of F/A-18 Hornet aircraft sup- 
plemented by four Boeing 707s 
for inflight refuelling, two 
F-lll squadrons which might 
be refurbished or replaced 
with more F/A-18s. and an 
enhanced force of six new sub- 
marines replacing the Navy's 
old Oberon class fleet 

The new vessels, said Mr 
Beaziey, would be “ among the 
largest, longest range and most 
lethal conventional submarines 


operating anywhere in the 
world.” 

There will be a “two ocean" 
navy with half of it based 
near Perth in Western 
Australia, and half of it at a 
new location on the eastern 
seaboard. Submarines will also 
be split between the two 
centres. 

The key component of the 
“third layer" will be the army. 
One regiment and perhaps one 
brigade will be relocated in 
the north. The addition of 
Blackhawk helicopters and, 
later, new armoured vehicles 
will boost mobility. 

The Government is to revive 
Australia’s mine counter- 
measure capability through 
the pur chas e of six locally- 
developed inshore minehunters 
and the acquisition of mine- 
sweepers. 

Overall, the Armed Forces 
have been put under a joint 
operational command and will 
have more sophisticated infor- 
mation and communication 
systems. 

On co-operation with other 
allies. Mr Beaziey said 
Australia's long - standing 
defeoce relationship with New 
Zealand and their common 
perceptions would remain an 
important factor in regional 
stability. 

But. he said, the Government 
had stated dearly its complete 
disagreement with New 
Zealand's policy on port access 
for allied nuclear powered or 
armed vessels. 

Pointedly, be added: “The 
Australian Government lodes 
forward to a full resumption of 
a trilateral Anzus relationship 
as soon as this is feasible.” 




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Deng reaffirms 
plan for reform 


BY ROBERT THOMPSON M PEXBA3 


CHINA’S paramount leader. Deng 
Xiaoping, has reaffirmed that the 
Communist Party will posh ahead 
with c on tro v ersial reforms of its 
power, despite strong conservative 
opposition to a lessening of party 
power. 

Mr Deng said yesterday that & 
- tentati ve plan" for political reform 
would be presented at a party con- 
gress likely to be held in October, 
bat provided little insight into the 

exact nature of the reforms. 

A political reform campaign last 
year partly inspired student pro- 
tests ic December and January, and 
apparently contributed to the fall of 
the party's general-secretary, Ha 
Yaobang. who had been a vocal sup- 
porter of wide-ranging reforms of 
the Communist Party. 

Diplomats expect that party re- 


formers yrill attempt to streamline 
its structure and to ease the conflict 
between factory managers and par- 
ty secretaries over 13m running of 
Chinese fectories. 

The Chinese leader said that the 
"open economic policy is sure to fa- 
cilitate political reform,” and that 
more "derisum-malang power mast 


His enthusiasm far pobticai re- 
form is in cont rast to rec ent state- 
ments by fdltaenmUrt aflii«iwlq 
pushing for tighter party cosriroL 
Many students took a press cam- 
paign supporting political reform 
test year as a cue to take thdr own 

d wnaw fac far*dg^| i i^»P Bgy ” and “frpg- 

dcan" to the streets. 

At the height of the press cam- 
paign, c ommenta t ors even spoke in 
favour of Westsut-s tyle reforms. 


New Zealand’s inflation 
forecast to fall steadily 

BY DAI HAYWARD IN WELLINGTON 


THE New Zealand Institute of 
Economic Research forecasts a 
fall in inflation and a much 
improved balance of payment 
situation by the end of the year. 

Most of the improvements 
would sot happen in time to 
benefit the government in the 
election in September, however. 

The institute believes infla- 
tion will readx its peak of 19-5 
per cent in the first quarter, 
and fall steadily to 10 per cent 
by tiie end of the year mid &9 
per cent by next March. ■ 

It also forecasts improved 


markets for agricultural exports 
which would be further boosted 
by a drop in the value of the 
New Zealand dollar which 
would give formers a higher 
return. 

; The current account deficit 
is forecast to drop from 
NZ$2.721bn (£955m) for 1988 
to NZ$2.4bn by next March. It 
also believes there wffl be a 
big improvement far the balance 
of payments. 

The institute predicts unem- 
ployment will rise from 54,000 
to 88JOOO. 


Israel explains aims 
sanctions to Pretoria 


BY ANDREW WHITLEY IN JERUSALEM 
AND JMJOtSSM JOHANNESBURG 


A SENIOR Israeli politician has 
gone to South Africa to 
a reluctant decision by Jeru- 
salem to impose limited econo- 
mic and other sanctions against 
Pretoria. 

Under pressure from the US. 
the 10-member Israeli inner 
cabinet decided on Wednesday 
to freeze military contracts with 
South Africa and fo curb tour- 
ism and cultural links. 

Details of what will be 
affected, and bow the sanctions 
will be implemented are to be 
worked out over the next two 
months. 

President Ronald Reagan is 
due to report to Congress in 
just over two weeks on arms 
sales by recipients of US mili- 
tary aid to Pretoria, In a rcfiort 
expected to put the dose Israel- 
South African relationship into 
an uncomfortable spotlight. 

The official version of the 
sanctions decision was delivered 
to the Government of Mr P. W. 
Botha yesterday by Israel’s 
ambassador in Pretoria. The 
more important explanations 
and reassurances were re- 
portedly being given by Mr 
Abraham Burg, an adviser to 
the Prime Minister, Mr Shimon 
Peres, and a veteran Israeli 
politician. 

South Africa's arms industry 
and military were silent yester- 
day on Israel’s decision. Israel 
is believed to be South Africa's 
largest anus supplier, with 
annual two-way sales estimated 
at as much as 9500 m (£822j5m). 


Strategically more important, 
however, is the secret technical 
and research cooperation be- 
tween the two countries' arms 
industries. 

In December last year South 
Africa denied reports tint it 
was preparing a nuclear test- 
ing site with Israel on Marion 
Island in the southern Ti tian 
Ocean. 

Annscor, the state-owned 
armaments, atnnufacturer estab- 
lished fo limit South Africa’s 
dependence on foreign arms, 
produces weapons and weapons 
systems which are virtually 
Identical to those made in 
Israel. South Africa's Scorpion 
ship-toehip missile is derived 
from the Israeli Gabriel 
missile, while Cheetah. South 
Africa's up-graded version of 
the Mirage 3 Jet fighter, is be- 
lieved to incorporate elec- 
tronics developed when Israel 
upgraded its Mirages to pro- 
duce the Kfir fighter plane. 

Last year Israel supplied 
South Africa with two Boeing 
in-ight refuelling tankers which 
would allow South Africa’s 
military Jets to operate as for 
north as Kampala in Uganda. 

♦ Eas tman Kodak's plans to 
prevent its products reaching 
South Africa appear to be 
floundering. South African 
Druggists, a Johannesburg- 
based firm, ptainiy it has 
acquired all of Kodak's inven- 
tories in South Africa and has 
secured long-term supplies of 
Kodak products from abroad. 


Lebanon envoys I Djibouti cafe 




in Damascus 

By Our Mlddte East Staff 
THREE emissaries of Presi- 
dent Amin Gemayel of 
Lebanon arrived in Damascus 
yesterday for talks with Syrian 
leaden on political reforms 
aimed at a settlement between 
the warring factions In the 
Lebanon. 

Three traditional Moslem 
leaders — Mr Rashid Kantmi, 
the Sunni Moslem Prime 
Minister, Mr NaUh Berri, 
leader of the mainstream 
ShTlte Amal movement, and 
Mr Walid Jumblatt, the Drue 
chief— have already accepted 
Syrian proposals for constitu- 
tional changes. 


important proposals were that 
the president should cease to 
Save a power of veto over 
cabinet decisions, that the 
premier should be elected by 
the National Assembly rather 
than be appointed by the 
chief executive, and h,„» 
power sharing between 
Christians and WmIkim 
sbeald be distributed on an 
equal haste. 

In addition, and what is 
perhaps most contentious, 
Syria’s “ special rriatfonsfflp ? 
with the Lebanon would be 
formally recognised. 

Mr GemayeTs envoys are, 
like himself, Manmite 

Christians and represent the 
community which has en- 
joyed a privileged status since 
Lebanon became independent. 
However, they have to take 
Into account the Lebanese 
Forces, (be Christian miHq a, 
• Three people were killed 
and two injured when a bomb 
destroyed a car in East 
Beirut, the Christian sector 


and injures 45 

Eleven people, including four 
French nationals, were killed 
and 45 injured when an explo- 
sion tors through a crowded 
cafe in the Red Sea port of 
Djibouti on Wednesday, Reuter 
reports from Paris. 

The Hlgtoril cafe is popular 
with members of the syXJO- 
strong French garrison at its 
main Indian Ocean , naval base 
in the former French colony. 

The FYencb embassy said the 
blast was app a re nt ly caused by 
explosives placed against one of 
the pillars supporting the cafe. 

Aquino bomb target 

President Corazon Aquino may 
have been the target of a bomb 
at tiie Philippine military 
academy that could have' been 
planted by disgruntled soldiers, 
the chief investigator said 
yesterday, AP reports from 
Baguio City in the Philippines. 

Fbur people were killed on 
Wednesday when the three-part 
device exploded during 
tbearsaSs tor a graduation 
exercise on Sunday, during 
which Mrs Aquino will give the 
main address. 

Sa rawak poll dilate 
The Malaysian elections com* 
mission yesterday announced 
the Sarawak state elections 
would be held on April 15 and 
16. It said it would allow only 
nine days fttr campaig nin g . 

The election was expected to 
be in June, after the Mndam 
fasting month. 

No reason was given for the 
short campaign period or early 
date, hut It is believed to be 
aimed at minimising racial ten- 











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^^S^NUliffl^FlffEaPRi^CORRECTi 


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wews^ia 


^., In the company secretary s 
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At£U,065, the 23 litre Volvo 

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LOiGL 

And like all Volvos the 

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But it isn’t just the accounts 
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For less company money, the busi- 
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financial Times Friday March 20 1387 


CIA ‘assisting 
Contra plan for 
spring offensive 5 


BY UON& BARBER IN WASHINGTON 


THE Central Intelligence 
Agency is supplying the Nicar- 
aguan Contra rebels with pre- 
cise details of civil targets such 
as dams, bridges, and port facili- 
ties as preparation for a spring 
offensive against the Sandinista 
regime, according to a news- 
paper report. 

CIA support — though not 
illegal — represents a consider- 
able increase in US Government 
involvement in Contra activi- 
ties, refle cting pressure on the 
Reagan Administration to show 
that its SlOOm of military aid 
is paying off on the battlefield. 

The State Department 
. declined to comment on the 
New York Times report, but one 
official described it as damaging 
because it would help the 
Sandlnistas prepare their 
defences against the offensive. 

Disclosure of CIA involve- 
ment came the day after the US 
Senate defeated moves to block 
S40m of military aid — the 
remainder of the $100m aid 
package approved by Congress 
' last year. 

The vote, revealing deep divi- 
sions in Congress over aid for 
the Contras, was seen as a dress- 


rehearsal for tile crucial vote in 
September when Congress will 
be asked to approve a new 
round of funding, totalling 

SI 05m. 

Ur Elliott Abrams, chief 
architect of the Contra policy at 
the State Department, said last 
week that the rebels would soon 
pursue “hit and run" tactics 
rather than attempting to hold 
ground against the better- 
equipped Sandinista army. He 
agreed that the next few months 
were critical if the Administra- 
tion was to secure more funds 
for the Contras. 

CIA support of the Contras is 
monitored by Congress and the 
agency is required to notify 
lawmakers on a timely basis 
about certain covert actions. In 
1984. the CIA bad Central 
American mercenaries mine a 
Nicaraguan harbour and subse- 
quently told the rebels to say it 
was their own work. 

Some believe the plan was 
inspired by Mr William Casey, 
former CIA director. The 
newly nominated director, Mr 
William Webster, former head 
of the FBI, is expected to pur- 
sue a more concilatory line 
with Congress. 


Third world debt schemes 
find favour in House 

BY NANCY DUNNE IN WASHINGTON 

funds in the private market 
and buy up portions of the debt. 

The special facility would 
help commercial banks volim- 
tarity dispose of loans which 
they no longer wish to hold at 
a discount and it would “re- 
bate" most of the discount to 
the debtor country in the form 
of lower principal. 

The second debt relief plan, 
scheduled to get approval today 
by another banking subcom- 
mittee, was developed by 
Congressman Charles Schumer. 
another New York Democrat. 
Designed to give US banks the 
maximum flexibility, it would 
give the banks several options 
The options include writing 
down loans and forgiving a 
podtlon of the principal; fore- 
goinig or reducing interest 
payments; and promoting debt- 
equity swaps. 


TWO PROPOSALS to ease the 
debt burdens of the developing 
countries are inching their way 
through the US House of 
Jteprenseta fives, where mem- 
bers see third world debt as a 
major contributor to the 
American trade deficit. 

Neither plan has the support 
of Mr James Baker, the 
Treasury Secretary, who insists 
that any grant of debt relief 
which hurts the banks will pre- 
vent them from making addi- 
tional loans. 

One plan, devised by Con- 
gressman John LaFalce. a 
New York Democrat, was 
approred by a House banking 
subcommittee early this week. 
It calls for a study of a" debt 
adjustment facility ” within 
the International Monetary 
Fund. Backed by a portion of 
the gold stock, it would borrow 


US personal 
spending 
rises after 
January fall 

By Nancy Dunne In Wadringcon 

SPENDING by Americans 
rose 1.7 per cent In February 
after dropping a record 2 per 

cent in Janaary, according 

to the Commerce Department. 

While they spent more, 
Americans also earned more. 
Personal income rose 6.9 per 
cent in February, the best 
gate in 10 months. Disposable 
or after-tax income, increased 
even more, by 1.2 per cent, 
followin' a 0.9 per cent rise 
in January. 

The spending figures, an 
important measure of pros- 
perity, have been much dis- 
torted by the changes in the 
tax law beginning in January, 
which made sales taxes non- 
deductible. As a result, eon. 
sumption shot up 2.4 per cent 
In December, while con- 
sumers rushed to buy cars 
and other expensive durables, 
when they could still earn tax 
deductions from the 
purchases. 

In February car buyers 
returned to the showrooms, 
and purchases of durable 
goods — items expected to last 
three years or more — rose 
$4£bn, after dropping by 
$69.7tm in January. 

The Income increases were . 
more than most economists 
had expected. However, much 
of the gain was accounted for 
by a larger workforce, a 
working week which 
lengthened by 12 minutes to 
a total 35 hours, a 3 per cent 
pay rise for government 
employees and subsidy pay- 
ments to fanners. 

Personal savings— dispos- 
able personal income minus 
outlays— was $199Jbn in 
February, compared with 
$12 0.5b n in January and 
($3&3bn) in December. 

Bolivian miners 
in hanger strike 

Some 9,000 Bolivian miners 
started a hanger strike yes- 
terday for higher wages from 
the state mining corporation 
Comlbol, a union spokesman 
said, Reuter reports from 
La Paz. 

Hr Victor Lopez, executive 
secretary of the miners union, 
said fasting had begun In 
Oruro and Pstosi and would 
spread to La Paz and other 
areas today. The government 
said the strike is part of a 
left-wing destabilisation plan. 


AM ERICAN NEWS 

Rod Oram reports on the background to the latest New York investment scandal 

Tables turn on Wall Street trader 


FOR YEARS, Hr Boyd Jefferies 
thumbed his nose at the Wall 
Street establishment by making 
markets in shares which had 
been temporarily halted on 
stock exchanges. He made lots 
of money and few friends. 

Yesterday, the tables were 
turned on him. Trading was 
halted in over-the-counter trad- 
ing of Jefferies Group shares 
while the news spread about Mr 
Jefferies' sudden departure from 
the company he founded in 
1962. He was leaving after 
pleading guilty to charges of 
Illegal share trades on behalf of 
Mr Ivan Boesky, the convicted 
insider trader. 

Making markets in halted 
stocks was only a small part 
of Jefferies’ business. Its main 
activity is block trading for 


institutional Investors and it 
claims that its 190 trader-sales- 
men are tee largest team in tee 
industry. Armed with computer 
lists of institutions' sharehold- 
ings, the firm is highly effective 
at ferreting oat buyers and 
sellers. 

Motivation runs high. The 
traders are paid only commis- 
sions and reportedly themselves 
pay for travel and entertainment 
expenses. 

Like its founder, the Los 
Angeles firm is an outsider. It is 
not a member of the New York 
stock; exchange, although it 
trades heavily through a 
member firm, W & D Securities, 
which it controls indirectly. 
This angers many on Wall 
Street “They take a position 
and then drop it on the floor," 
one Wall Street trader com- 


plained. 

Jefferies claims some 65 par 
cent of the trading in this 
“third market” outside estab- 
lished exchanges. Third market 
volume equals roughly 2 to 5 
per cent of NYSE vohnne. 

The firm boasts a capability 
of trading 24-hours a day 
through its Stic US offices and 
one In London, its appetite 
appears undiminished by large 
loses incurred on principal 
transactions in 1985 which 
brought a management shake- 
up and renewed focus on 
agency sales. 

Even by the workaholic 
standards id the US securities 
industry, the brusque and 
secretive Mr Jefferies is excep- 
tional. wig day usually begins 
shortly after 1 am California 
time, following three to five 


hours of sleep at bis spectacu- 
lar cliff -top home overlooking 
the Pacific at Laguna Beach. 
55 nudes down tee coast from 
Angeles. 

Before his fall, he would 
usually be at his desk in down- 
town Los Angeles by about 2J3Q 
am. The office has been de- 
scribed as shabby. Certainly, 
he has a reputation for parsi- 
mony. 

Even before the last of his 
traders arrive by 430 or 5, the 
pace of dealing was already 
picking up from institutions 
around the world although too 
East Coast exchanges do not 
open until OJIOam California 
time. 

Traders will probably stick 
with their gruelling routine but 
they have lost the man that 
drove them and the company. 


Hr Jefferies has severed his 
relations with the firm and his 
IS per cent sha rehol ding is 
being placed in a oust 

If his colleagues were stun- 
ned yesterday by Mr Jefferies 
abrupt departure, it was at least 
char acteristic- Mr Robert Kirby, 
a close friend and chairman of 
Capital Guardian Trust, recalled 
to IhriftutfOBaZ Investor maga- 
zine pulling up alongside "Mr 
Jefferies at a traffic tight some 
years ago. It was -early, one 
morning, with Iff Kirby head- 
ing home from a party and. Mr 
Jefferies heading for work. 

“I saw this guy in a red 

Ferrari poring through his 
Vickers manual (of institutional 
stock holdings), “Before Mr 
Kirby could say hello, Mr Jef- 
feries put Us sports car In gear 
"and peeled out at 60 mph.” 


White ‘not 
interested’ 
in FBI job 

US SUPREME Court Justice Byron 
White is not interested in leaving 
bis post to become the head of the 
Federal Bureau of Investigation 
(FBI), a spokeswoman for the court 
said, Reuter repeats from Wasfateg- 
tan. 

The Washington Post repeated 
that top Adminis tration of- 
ficials have held preliminary dis- 
cussions about whether to ask. 
Judge White to become the FBrs di- 
rector. 

He has not been contacted. He 
does not expect to be contacted. He 
is not interested in leaving tee 
court,” Ms Toni House said. 

Judge White, 69, a conservative 
on law and order issues, saved as 
Deputy IK Attorney General before 
he was appointed to the Supreme 
Court in 1962 by President John 
Kennedy. 

The Reagan Administration is 
seeking a replacement for FBI Di- 
rector Mr William Webster, who 
has been nominated by President 
Reagan to head the Central Intelli- 
gence Agency (CIA). 

US District Judge D. Lowell Jen- 
sen of San ftandsco, a long- time 
associate of US Attorney General 
Edwin Meese, is a leading candi- 
date, Justice Department nffiddn 
said. 


Middle East countries request 
US protection of shipping 


THE US GOVERNMENT has be- 
gun reviewing the scope of its mili- 
tary operations in the Gulf because 
countries in the region have asked 
for US protection against Iranian 
attack on commercial shipping, AP 
reports tram Washington. 

The requests by Kuwait and oth- 
er, unidentified Guff nations were 
made some time ago, government 
o ffirials said. But they have fak**" 
on anew urgency because of the re- 
cent revelation Iran has 

acquired and tested a new land- 
based missile that could be used 
against ships plying the Golf, the 
sources said. 

To date, the US response to the 
pr pwicp of the new missiles 
been fairly tow key, consisting of 
warnings to Iran - sent through “in- 
direct diplomatic channels” - 
against «qng the wfaalacj a go ur ce 

Suggestions also have been made 
through diplomatic channels to oth- 
er shipping MWnng "to lean eux 
(pressure) tee Iranians,” the source 


But Iran's acquisition of Chinese- 
built HY-2 missiles has sharpened 
the alarm of other countries that 
depend on the gulf as their lifeline. 

“A number of countries have ap- 
proached us because they are afraid 
of being threatened by Iran and 
asked us to protect their ships," 
said one source. 


As a resn & » the Defence Depart- 
ment has b^ua reviewing its de- 
ployment of naval forces in the 
area, debating whether the navy’s 
Middle-East task force should be in- 
creased in strength or whether 
navy ships should be ordered to 
pfoy a more active rote by esco rti ng 
foreign-flag ships, the flffk’fafa say. 

The sources described tee cur- 
rent os a "matter of deep 

concern,” even though there is con- 
flicting evideiK£ as to whether Iran 
actually has deployed the new HY-2 

wikala Wfarioc 

What is dear, however, is teat 
Iran has acquired at least two bat- 
teries of tee missfles, or about 12 of 
the 20-foot rackets, the sources said. 
And since the batteries are mobfle. 
“they could be sat np wry quickly “ 
observed w** 

The presence in Iran of tee HY-2 
missiles, a modified version, of a So- 
viet weapem known as the Styx, was 
first iKcrfrw* by Defence Depart- 
ment rod inteZEgence aonrees hot 
week. 

Although pri g ba gy AnopwH 
more than 20 years ago, tee mis- 
siles are considered a potent addi- 
tion to Iran's arsenal because they 
have a range of roughly S&mOes 
andean cany UMOpoaadsaf explo- 
sbn. 

Iran and Iraq, white have been 
fighting a war since Sepfra i iher 
haw to cripple 


other's oil and cargo trade by at- 
tacking commercial m the 
GuHL 

Until recently, Iran condncted 
sate attacks primarily from aircraft 
during dayfigM hours. Defence De- 
partment sources at tee Pentagon 
disc l osed early tea year teat agate 
Iranian patrol boots had been 
equipped wife fia&azHsade “sea 
JdS»r* missies teat can be used at 
night. Such weaponry, however, 
does not possess the erotoarfw pow- 
er of the HY-2. 

Mare sj gazficm fly, the teamans 
were observed by US kdeffigeooe 
agendas several weeks ago "testing 
a HY-2 from a position where they 
could cover the entire Strait of Hoc? 
muz,” said a source. 

That strait is the only passage- 
way into tee gulf and Is 50 miles 
wide at its narrowest print 

The humans teried fee HY2 mis- 
sile from an island in fee strait 
known as Qoshm. It appeared fee 
battery was removed after fee test, 
but there is stfll some debate about 
teat, tee sources snu}- 

The fag?— Hm; US 

Government centres on whether it 
should respond to tee diplomatic 

it* military 

presence. 

The navy’sMiddte-East task force 
normally eonswti of a stogie com- 
mand ship and four or five destroy- 
ers and frigates. 


Dole’s 
office 
robl 


IIVI 


THE NATIONAL camp ai g n head- 
quarters of Senate Republican 
Lead e r Robert J. Dole of Kansas, 
who to a, Gksfy presidential conten- 
der in 1988, and on adjacent office 
were yesterday broken into, police 
arid. AF reports from Wtellnjfon. 

*We haven't determined at this 
time ff it was com rai tiwi for mone- 
tary reasons, for taking office 
equipment and camertfogit to cate 
or if it could possflfer have some 
kind ef political overtones," a poSce 
sp oke s m an said. 

Mr Dole's campaign director Ur 
WOKam & Lacy said teat the 25- 
member staff of tee Dote for preti- 
dent exploratory committee had 
moved into a suite on L street in the 
northwest section of tee city two 
weeks ago and had barely un- 
pacfaat making iidiflicufc to deter- 
mine what had been taken. 

Protest banned 
in Venezuela 

VENEZUELA yesterday banned a 
protest march in Caracas called for 
today and said leftist subversives 
were behind a riot in the western 
c fly of Merida in which a student 
was shot to death, Heifer reports 
fromCarae**- 


WORLD TRADE NEWS 


C & W will keep fighting 
Japan telecom merger 


BY IAN RODGER IN TOKYO 

CABLE and Wireless, the UK 
telecommunications group seek- 
ing a place la Japan’s inter- 
national telecoms industry, said 
yesterday it would continue to 
fight a merger of two con- 
sortiums competing for a 
licence to operate in Japan. 

“We are standing firm,” a 
C & W official said in Tokyo 
yesterday after meetings with 
the group's Japanese partners. 
“We want a fair and transparent 
assessment of tee two proposals 
first and teen we can folk about 
mergers.” 

C & W has received strong 
support from tee British 
Government in its bid to stop 
the merger. 

Zt emerged yesterday that the 
US Commerce Secretary, Mr 
Malcolm Baldridge, had also 
recently written to tee Japanese 
criticising a merger. 

On Wednesday, it was 


announced that the leading 
Japanese companies in. the con- 
sortiums had agreed to merge 
and, as part of tee agreement, 
C & W and other foreign parti- 
cipants would be cut to about 
3 per cent each in the merged 
company. 

C & W has a 20 per cent stake 
in one of the consortiums. Inter- 
national Digital Communica- 
tions Planning (IDC), while 
Pacific Telesis and Merrill 
Lynch of the US have 10 per 
cent and 3 per cent respectively. 

Mr Fumio Watanabe, a senior 
businessman retained as a 
mediator between the two con- 
sortiums. said in Tokyo on Wed- 
nesday that the Japanese 
partners had agreed on a 
merger. 

C & W officials claimed, how- 
ever, that G. Itoh trading group, 
a leading partner in IDC had 
made clear teat it would agree 


onlv if C & W would go along 
with the merger. CAW officials 
are due to meet Mr Watanabe 
this morning. 

C & W, supported by the 
British Government, would like 
both consortium’s proposals ex- 
amined since they believe tee 
EDJ proposal would beat that 
of the rival International Tele- 
communications Japan (ITJ). 

The Japanese Ministry of 
Posts and Telecommunications 
would much prefer to deal with 
only one applicant, and it has 
also strongly opposed any signi- 
ficant participation by foreign 
telecoms companies. 

Mr Baldridge in his letter to 
Mr Shunjiro Karasawa. MPT 
minister, said a merger was 
inconsistent with the spirit of 
recent US-Japan negotiations 
aimed at increasing foreign 
participation in tee Japanese 
telecommunications industry. 


Indonesia looks 
at bids to build 
gas facility 

By John Murray Brown In Jakarta 

INDONESLA, the world's 
largest exporter of liquefied 
natural gas (LNG), is consider- 
ing offers from five foreign 
companies to construct a 3400m 
(£285m) gas facility in East 
Kalimantan, formerly Borneo. 

The new facility will supply 
gas to meet the contract signed 
in Jakarta yesterday with 
Taiwan's China Petroleum Com- 
pany (CPC) under which CPC 
will take annual delivery of 
1.5m tonnes of LNG, with first 
shipments expected in 1990. 

The four companies are 
Kellogg and Bechtel of tee US, 
Chiyoda and JGC of Japan, and 
Lurgi, of West Germany, Indo- 
nesian officials said. 

The deal, signed with Perta- 
mina, Indonesia’s state oil com- 
pany, ends almost two years of 
negotiations with Taiwan and 
follows the pattern of earlier 
accords with Japan and South 

Korea. 

Under the contract the LNG 
Will he pegged to the fixed price 
of a basket of Indonesia crudes, 
currently set at $17.56 a barrel. 

Indonesia reached new price 
agreement with eight Japanese 
utility companies last month. 

Japan was until last year 
Indonesia’s only gas customer, 
taking annual shipments of 15m 
tonnes under a 20-year contract 
signed in 197S. 


McDonnell wins Swissair 
order for 6 MD-11 jets 

BY JOHN WICKS IN ZURICH 


SWISSAIR, the Swiss national 
airline, has placed an initial 
order worth SFr 1.2bn (£521) 
with McDonnell-Douglas for six 
MD-11 jets, with options on a 
further 12 aircraft 

The decision, announced in 
Zurich yesterday, is a further 
blow to the European Airbus 
programme after tee recent 
SA S order of 12 MD-11 air- 
liners. 

The present order, says Swiss- 
air, to “only a first step” in 
; the replacement of its existing 
fleet of 11 DC-IGs. In the com- 
ing months, the airline is to 
study whether the remaining 
DC-lOs should be replaced “by 
MD-lls or by a combination of 
boeing 747s and HD-1 Is.” 

Swissair’s chairman Mr 
Annin Baltensweiler, said the 
airline's planning staff bad been 
drawing up specifications and 
compiling comparative data on 
the MD-11 and the Airbus 
A-340 “for the past two years 
or so.” 

“ It was ultimately tee early 
availability of tee MD-U in 
1990 and the prospect of a 
smooth operational transition 
from the DC-10 to tee new 
transport teat finally swung the 
pendulum in favour of tee US 
aircraft after exhaustive study 
of all the pros and cons,” Mr 
Baltensweiler said. 


Swissair had added four Air- 
bus A-310 Intercontinental air- 
craft to its fleet last year, and 
now operates a total of wing 
Airbuses. 

No decision has yet been 
made on which engine will 
power the new MD-lls. Con- 
tenders are General Electric 
and Pratt & Whitney of the US 
and Rolls-Royce of the UK. 

• Volvo, tee Swedish auto- 
mobile, energy and food group, 
has won an order worth SKr 
330m (£33. 6m) for engine parts 
manuafactored by its aircraft 
engine division, Sara Webb re- 
ports from Stockholm. 

_ This follows American Air- 
lines’ decision earlier »hfa 
month to order 25 Airbus A300- 
600R and 15 Boeing B767 air- 
craft equipped with General 
Electric CF6-80C engingg. 

The order for General Elec- 
tric engines to worth $6 50m 
<£464m) and is the company's 
largest commercial jet engine 
order. 

The CF6-80C engine to used 
in the Boeing B767, and B747 
as well as Airbus A3I0 and 
AJHXMJ00R aircraft. Volvo’s air- 
craft division contributed 8 per 
cent of the development casts ' 
for the engine and sent its own 
engineers to co-operate with 
General Electric in the de- 
velopment programme. 


Tokyo seeks 
further 
cuts in chip 
production 

By Carta Rapoport In Tokyo 

JAPAN Intends to ask semi- 
conductor makers to cut pro- 
duction further in tee second 
quarter of this year in order 
to help preserve the USJapaa 
semiconductor trade pact, 

Last month, the Ministry for 
International Trade and 
industry (Miti) called on 
major dtipmakers to cut pro- 
duction by np to 20 per cent 
in order to boost local chip 
prices and reduce the amount 
of dumping, mainly in South- 
east Asian countries. 

Next week, Miti intends to 
ask for a further average 10 
per cent cut in production, in 
the second quarter. 

Lack of response 

The move comes as the 
Japanese are becoming 
Increasingly jittery about the 
lack of response from the US 
Government on their recent 
initiatives to preserve the 
chip pact agreed last year. 

That pact was aimed at 
reducing dumping of chips in 
the US and improving US 
chtpiuakertf access to the 
Japanese market. 

Since that time, US chip 
prices have increased, bat the 
US has bitterly complained 
that Japanese companies are 
circum venting the agreement 
by dumping chips in third- 
country markets for re-export 
to the US. 

Greater efforts 
Earlier this week, Mr Yasu- 
Uro Na k aso ne , Japan’s Prime 
Minister, called on Mitt offi- 
cials to make greater efforts 
to resolve the send-eondnctor 
trade dispute with the US. 

Miti subsequently ex- 
plained that It believes the 
production cutbacks will 
cause prices to increase and 
the alleged dumping to dis- 
appear. 

The prime minister’s inter- 
vention came with only two 
weeks remaining until the 
deadline by which the US 
Government Is threatening to 
Withdraw from the chip trade 
agreement signed last Sep- 
tember. 

If the US does withdraw 
from the pact, it will mean 
the imposition of stiff anti- 
dumping duties on Japanese 
chips and a great less of face 
for the government. 


AFTERMATH OF THE FAIRCHILD-FUJITSU FIASCO 

Trade policy problems unresolved 


BY LOUISE KEHOE IN SAN RU 

THE MAJOR issue of US 
policy toward foreign invest- 
ment in strategically sensitive 
industries remains unresolved 
following this week's collapse 
of the controversial Fujitsu- 
Fairchild Semiconductor mer- 
ger plans. In many respects it 
has raised more questions than 
it has solved. 

The merger of Fairchild 
with the US chip opera- 
tion of Japan’s Fujitsu was 
widely seen as a test case of 
US trade policy. The deal was 
abruptly cancelled on Monday 
In tee face of mounting political 
pressure from Washington 
where objections to tee merger 
ranged from national security 
to trade friction with Japan. 

The question of where the 
Administration stands is now 
being asked. Mr Donald Brooks, 
Fairchild Semiconductors’ presi- 
dent, is not alone when he asks: 
“What is tee Administration’s 
policy on foreign, particularly 
Japanese investment in tee US 
chip industry today.” 

Mr Malcolm Baldrfge, US 
Commerce Secretary, to urging 
a Cabinet-level policy review, 
while a House of Representa- 
tives committee has proposed 


giving the President powers to 
block foreign investments that 
threaten national security. 

US semiconductor industry 
executives are not sure what to 
make of the proposals. “Gov- 
ernment intervention in any 
takeover proposal should be 
limited to national security and 
anti-trust issues," said one 
Silicon Valley executive. 

The Semiconductor Industry 
Association, which represents 
US chipmakera, has “no posi- 
tion " on the issue yet. 

For some US companies, such 
a change in government policy 
could present problems. Several 
small start-op electronics com- 
panies have turned to Japan for 
financing and even some of tee 
largest US chip makers are 
reported to have held discus- 
sions about equity investments 
with Japanese groups. 

It is also clear that setting 
limits on foreign investments 
would do little to stem tee flow 
of critical US technology 
abroad. 

Despite the collapse of the 
planned merger, Fairchild and 
Fujitsu will move ahead with 
plans to forge a close strategic 
alliance, Mr Brooks said, shar- 


ing technology, manufacturing 
facilities and products. 

The “globalisation" of the 
semiconductor industry will 
continue despite US govern- 
ment objections, he maintains. 
Fairchild’s determination, to 
build a partnership with Fujitsu 
mirrors similar moves by many 
of the largest US semiconduc- 
tor and computer manufac- 
turers. 

“One of tee most overwhelm- 
ing trends in today’s semicon- 
ductor industry is the increas- 
ingly global nature of the busi- 
ness” say analysts at Integrated 
Circuit Engineering, a US 
market research firm. 

For many companies. Inter* 
national alliances provide an 
opportunity to build up a 
foreign presence and sales with- 
out the heavy plant construc- 
tion costs. National Semicon- 
ductor, for example, signed a 
long-term agreement for the 
development and manufacture 
of advanced chips with NHB 
Semiconductor of Japan. 

2h other cases, tee nlBaram 
represent a pooling of 
resources. General Electric. 
Siemens of West Germany and 
Toshiba are, lor example. 


jointly developing a library of 
standard cell chip designs that 
each can offer to users of 
“ semi-custom ” chips. 

In . one of the most wide- 
ranging U&Japanese semi- 
conductor alliances. Motorola 
and Toshiba are collaborating 
in the development and manu- 
facturing of memory chips and 
microprocessors, and Advanced 
Micro Devices is seeking an 
entry into the Japanese 
consumer electronics market 
through a long-term agreement 
with Sony. 

Until now. tee national 
security and trade implications 
have not been questioned. ' 

But Mr Brooks does, not 
expect Fairchild's R«k s with 
Fujitsu to go unnoticed in 
Washington. They could raise 
many of the same objections 
voiced in Washington against 
the proposed merger, Mr Brooks 
concedes. 

“I anticipate that my com- 
petitors will continue to raise 
protectionist objections," added 
Mr Brooks, who blames industry 
executives for “kindling the 
fire " of opposition in Washing" 
too. “But they have no right 
to object," 


Backing likely for ‘retaliate’ call to Reagan 

BY NANCY DUNNE IN WASHINGTON 


A RESOLUTION calling on 
President Ronald Reagan to 
retaliate against Japanese semi- 
conductor companies was 
expected to receive overwhelm- 
ing support in tee Senate 
yesterday. 

The resolution is nazfcbinding. 
But it conveys tee Senate's 
sentiments to the White House 
which next week is to consider 
action on the alleged failure 
of Japanese companies to 
refrain from “dumping" semi- 
conductors in third markets. 

Congress desperately wants 
the President to “stand tall” 
against Japanese exports, and 
if he refuses, it will try to 
force him to act In its Trade 
Bill. A House committee chair- 
man recently described relations 
between the two nations as 
“ poisoned." 

Progress has at most 
been at snail's pace on 
several disputes. Administration 
pressure was blamed for tee 
collapse earlier this week of 
the plan for Fujitsu of Japan 
to take over Fairchild Semi- 
conductor. National security 
reasons were given as the cause 
for the action but trade friction 


between the US and Japan 
played an unspoken role. 

The belief that Japan is “ an 
obvious abuser " of a wide-open 
US market has taken deep root 
both in Congress and in middle 
America, according to Congress- 
woman Ms Marcy Kaptur, an 
Ohio democrat 

Among Ms Raptor's consti- 
tuents, there is anger that the 
US government seems powerles 
to stop Japanese imports and, 
she says, a “feeling that the 
Japanese are laughing at us 
behind their hands." 

In Congress, cynicism has 
taken hold. One legislator 
recently recommended the 
addition of an “Ah so " amend- 
ment to tee trade bSL It would* 
he said, provide for those in- 
stances when the Japanese 
promise some action and teen 
fail to keep tee agreement. 

It is this kind of failure the 
White House must address in 
the Economic Policy Council 
session next week. Along wife 
semiconductors, tee Cabinet- 
level group to scheduled to dis- 
cuss Japan’s refusal to boy 
American supercomputers for 
government agencies and 



President Baagan 


universities or to open up fee 
huge Kinsai Airport project 
to sign i fi c an t foreign partici- 
pation. 

Although Congressional lea- 
ders have tried to keep their 
trade legislation free of sectoral 
protection, two provisions are 
receiving increasing support as 
a result of the perceived 
Japanese failure to respond to 
US “market opening” cam- 
paigns. 

One would Require fee 


President to retaliate against 
countries that keep their mar- 
kets closed to US teleconmnmi- 
cations equipment and services. 
The other, being pushed by Ms 
Kaptur. would retaliate against 
any country, particularly Japan, 
which closes its domestic car 
parts market 

“More than half of "the fflObn 
to 43bn US trade deficit with 
Japan in 1986 came from .im- 
ports of Japanese vehicles and 
parts," said Ms Kaptur. 

“ ... only 20-30 of the 
m a terial , content of care assem- 
bled here by Japanese com- 
panies is purchased from 
American suppliers. The exclu- 
sionary business practices used 
by the Japanese have apw 
-been transferred to pur own 
aoiL" 

The Americans seem to be 
reaching boiling point at an 
unfortunate tinm. Unemploy- 
ment in Japan is rising and its 
bus in es s es are being hit ter the 
stronger yen so, as Tokyo finds 
itself with increasingly less 
r oom to manoeuvre, e danger* 
oosty deteriorating relation* 
ship between the two allies 
may be unavoidable. 






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Kaanciai Times Friday March 20 1987 




FT LAW REPORTS 


Mixed oil is held in common 


GREENSTONE SHIPPING 

__ company sa v 

INDIAN OIL CORP ORATION 

LIMITED 

Queen's Bench Division 
(Commercial Court): 

Mr Justice Staught oni 
March 18 1987 

a shipowner wrong- 
rag mixes cargo with goods 
of ms own of a similar nature 
>nd quality so that they can- 
not be separated, the mixture 
« held in. common and the 
«*rgo owner Is entitled to 
delivery ef a quantity eqnlva- 
tent te his original contribu- 
tion, 

Mr Justice Stoughton so held 
when dismissing an appeal by 
India n O il Corporation Ltd, 
receivers of cargo, »rom an 
arbitration award that they 
were entitled to no more' thaw 
846,014 damages for short 
delivery against shipowners. 
Greenstone Shipping Co SA. 
HIS LORDSHIP said that on 
November 9S 2980 the ship- 
owners chartered their vessel, 
Ypatianna to the Shipping Cor- 
poration of Lidia for the car- 
riage of oil from Russia to India. 

A bill of l*»H"g recorded that 
69,270 metric tons of crude oil 
were shipped at NovorossLsk. 
The owners mixed the oil with 
other crude oil which was their 
own property. 

There was short delivery at 
Madras compared with the bin 
of la&ng quantity. The arbi- 
trators awarded the receivers 
damages of $46,014. The 
receivers contended they were 
entitled to $888,000 on the basis 
that all the pnmpable oil on 
board the vessel at Madras was 
their property. 

The arbitrators found that 
there waa Interconnection be- 
tween the vessel's cargo, ballast 
and fuel oil systems, which was 
a breach of the International 
Maritime Organisation and 
Classification Society rules. 
There was a hint that the 
owners were going equipped for 
theft; but the court declined to 
infer deliberate wrongdoing on 
their part. It was sometimes 
appropriate and necessary to 
make interbank transfers. 

Mr Rokison for the receivers 
submitted that where B wrong- 
fully mired A*s goods with 
goods of his own, so that the 
original goods could not he 
separated or identified, the 
whole of the mixture became 
the property of A. 

Mr Pollock for the owners 
submitted that where a wilful 
admixture occurred without con- 
sent, both parties had a Joint 
interest in the whole, and the 
innocent party was entitled to 


receive his full contribution 
from the mixture even if It had 
been diminished by subsequent 
accidental loss. 

Alternatively he submitted 
that the general rule was as 
above, but that the innocent 
party was entitled to the whole 
if (i) the admixture was deli- 
berately brought about for the 
purpose of depriving the inno- 
cent party of his rights, or 
makin g them difficult to enforce, 
and (ii) if it was impossible to 
tell with any certainty what the 
contributing properties had 
been. 

There were numerous and 
very distinguished authorities. 
But it was agreed on both sides 
that none of them was binding 

Two points of significance 
emerged from the authorities. 
First, in some cases a decision 
had to be made “not upon the 
notion that strict Justice was 
done, bat upon this; that It was 
the only justice that could be 


done" (per Lord Eldon in 
Lupton v white (1808) IS Yes 
Jan 432, 440). 

Or, as Lord Moulton put it in 
Sandenan v Tyxack [1913) AC 
680 , 695, such cases Tiave been 
little more than instances of . . . 
reasonable adjustments of the 
rights of the parties in cases 
where complete justice was im- 
practicable of attainment” . 

Secondly, if the wrongdoer 
had destroyed or impaired the 
evidence by which the innocent 
party could show how much he 
had lost, tiie wrongdoer must 
suffer from the resulting un- 
certainty. 

The combined effect of those 
principles would Justify and 
require that where it was totally 
unknown how much of the 
innocent party's goods went 
into tiie mixture, the whole 
should belong to him. 

But they did not require or 
justify the same result where 
it was known how much was 


NO COSTS FOR EXPERT EVIDENCE 


HALVANON INSURANCE 
CO LTD v JEWETT 
DUCHESNE (INTER- 
NATIONAL) LTD AND 
ANOTHER 

Queen's Bench Division 
(Commercial Court): 

Ur Justice Staughton: 

March 2 1987 

COSTS will not be awarded 
in respect of an expert wit- 
ness. who. In the absence of 
any plea of custom of practice, 
is unnecessarily called to 
give evidence as to the mean- 
ing of ordinary words 

In a contract 

Mr Justice Stoughton so held 
when giving judgment for tire 
first defendant Jewett Duchesne 
(International) Ltd in its claim 
against third party. Signor 
Massino Penco. The plaintiff 
in the action was Halvanon In- 
surance Co Ltd, and the second 
defendant was Bavaria Assicu- 
razkmi SpA, formerly known as 
Compagnia Italians Di Assicura- 
ztoni E Reassicurudooi Asti- 
cariotta SpA. 

HIS LORDSHIP said that in 
the third party claim, Jewett 
Duchesne said that Signor 
Penco signed a reinsurance slip 
in his capacity as managing 
director of an Italian company 
called Grand! Rischi, and 
ostensibly on behalf of 
Assicarlotta. 

It was said that Signor Penco 
had no authority to sign on 
behalf of Assicarlotta, that 
Jewett relied on his signature. 

The question was whether 
Grand! Rischi or Signor Penco 


did have authority. Reference 
was made to a document which 
to some extent conferred 
auth o ri t y on Grandi Rischi to 
act for Assicarlotta, but it had 
" excluding USA” inserted in 
the territorial limits. 

It was established that Signor 
Penco signed without authority. 

Jewett Duchesne had pro- 
duced an expert report of a 
Mr Harris, saying that the 
authority to bind Assicarlotta, 
which was limited by the words 
"excluding USA, " did not per- 
mit Signor Penco to sign con- 
tracts which did not contain 
words "excluding USA." 

No expert evidence was 
required to say that There 
was no custom or practice 
alleged; it was simply the 
ordinary meaning of the 
English language. 

All too often nowadays one 
found that unnecessary expert 
evidence was adduced. That led 
to unnecessary prolongation of 
trials and unnecessary expense, 
and it waa happening far too 
often. The meaning of a writ- 
ten contract was a matter of 
law for tiie court cm which 
expert evidence was of no 
assistance unless there was 
some plea of custom or prac- 
tice. 

Accordingly, judgment was 
given for Jewett Duchesne 
against Signor Penco for 
£50,000 and costs, excluding 
the costs of Mr Harris's reuort. 

For Jewett Duchesne: Garin 
Real? (Pickering Kenyon ). 

Halvanon, Assicurationi and 
Signor Penco were not repre- 
sented. 


contributed by the innocent 
party, or even what the maxi- 
mum quantity was that be could 
hare contributed being some- 
thing less than the whole. 

That would not be "the only 
justice that could be done"; it 
would be injustice. 

Blackstone sadd that "our law, 
to guard against fraud, gives the 
entire property ... to him 
whose original dominion is 
invaded . . . without his con- 
sent” (1876) ed 4. 11 358. 

It was not the function of 
civil justice to punish or dis- 
courage crime by awarding the 
victim more than he had lost, 
unless In the case of an award 
of exemplary damages. In the 
present case there was a hint 
that the owners were engaged in 
wrongdoing; but on the award 
the court did not conclude that 
they mixed the cargo with their 
own for some commercial 
motive. 

It would be a severe penalty 
to impose on them a fine of 
$342,000 for their conduct 
(being the difference between 
the receivers' claim of $388,000) 
and the award in respect of 
shortage. There was no justice 
in that. 

Seeing that none of the 
authorities was binding, 
although many were certainly 
persuasive, the court was free 
to apply the rule which justice 
required. 

That was that where B wrong- 
fully mixed the goods of A with 
goods of his own which were 
substantially of the same nature 
and quality, and they could not 
in practice be separated, the 
mixture was held in common, 
and A was entitled to receive 
out of it a quantity equal to 
that of his goods which went 
into the mixture, any doubt as ! 
to that quantity being resolved i 
in A's favour. He was also en- 
titled to claim damages from 1 
B for any loss he might have | 
suffered, in respect of quality 
or otherwise, by reason of ad-, 
mixture. 1 

Whether tiie same rule would 
apply when the goods were not , 
substantially of the same nature 1 
and quality did not arise. 

The mixture was held in com- 1 
man by the receivers and the 
owners. The receivers were en- 
titled to an amount equal to 1 
their contribution to the mix- 
ture. The appeal failed and 
the award was upheld. 

For the owners: Gordon 
Pollock QC and Peregrine 
Simon (Williamson A West- 
lake). 

For the receivers: Kenneth 
Roksaon QC and Peter Gross 
(luce ft Co). 

By Rachel Davies 

Barrister 


t 



0^ 


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And we’re organised to payout 
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Once a loan application has 
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TCB Ltd, Century House, Dyke Road, Brighton BN! 3FXL 
TCB Ltd, St Alphage House, Fore Street, London EC2P 2HJ. 



OPENS THE DOOR TO 
FASTHNANCE 


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IPgp 


^ISMpIreAd a quality paper. 

IB \A/Hy NOT P UT YO U R LETTER H E AD 

^iH^tefclWOftONE?. 


There's something reassuring about a quality paper. It feels right Looks 
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quality. Crisp and weighty, distinctively watermarked. As ever, it's the seem- 
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When it comes to paper, you've either got it or you haven't. No Conqueror. 
No comment 



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WORLD TEXTILES 


INTO THE 1990s 


LONDON, 11 & 12 May 1987 





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& Financial Times Friday March 20 1987 





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41 fe«am t 

SJl^STc STRjj 


woi nxd 
rw tress 3 | 
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YOU’D BE GOING OVER THE TOR 




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financial limes Friday March 20 1JB7 


UK NEWS 


Hopes rise as jobless 
fall nears 3m barrier 


IV 77 


i 111 [41 

i 


Tminr» 


MlBUAI 


iTT 

,T * T i 


BY PHILIP STEPHENS^, ECONOMICS CORRESPONDENT 


THE OFFICIAL anemployment 
coast fell fay 44,000 last month, 
holding oat the possibility that the 
total could be below the politically 
sensitive 3m level fay the summer. 

Lord Young, the Employment 
Secretary, said that the drop was 
ft e largest since official records 
had been kept, and there was little 
doubt that the recent downward 
shift would continue. He predicted 
the total would fall below 3m in two, 
three, or four months. 

Since the middle of last year, the 
number has fallen by about 24,000 a 
month, which officials said was now 
the best guide to the underlying 
trend. On that basis it would dip be- 
low 3m by June, a month increas- 
ingly regarded as one of the most 
likely choices for the general elec- 
tion. 

Opposition spokesmen said that 
the reduction reflected the 19 
changes since 1979 in the way the 
figures are calculated. There was a 
deliberate attempt by the Govern- 
ment to "massage" the total ahead 
ctf a general election in the summer 
or ynfawnn. Mr John Prescott, La- 
bour's shadow Employment Secre- 


tary, called the figures “a statistical 
conjuring trick.” 

The Department of Employment 
said the seasonally-adjusted total of 
those eligible fen* unemployment 
benefit stood at 3.074m in February, 

44.000 lower than the previous 
month. The unadjusted total, which 
includes school-leavers, fell by 

71.000 during the month to 3.228m. 

Since Ftebruary 1988 the claimant 

total, including school-leavers, has 
fallen by 111^000. According to the 
Department of Employments fig- 
ures, the bulk of tins can be ac- 
counted for by expansion of special 
jols and training sch e m e s and by 
disqualification of claimants. 

Over the last 12 months, the ex- 
pansion of special schemes for 
adults has taken 50,000 off the reg- 
ister. During the same period, the 
number on the Youth Training 
Scheme rose by 58,000. 

The Department yesterday de- 
clined to specify the impact of the 
YTS, but on the basis of past rela- 
tionships the expansion over the 
past year would have reduced the 
jobless total by 40,000. 

Official figures show that a fur- 


ther 11,000 people have been dis- 
barred from benefit as a result of 
interviews under the Restart pro- 
gramme for the long-term unem- 
ployed. 

Mr John director of the 

Employment Institute, said that the 
effect of the Restart scheme in dis- 
couraging the unemployed from 
riwiming benefit was likely to be 
nmrh larger that published statis- 
tics suggested. Another 30,000 to 
40,000 people might hove been "dis- 
couraged" from claiming benefit. 

The Employment Dep artm ents 
reluctance to publish full statistics 
for job and training meas ur es 
makes it difficult to gauge the un- 
derlying trend in the labour market 
over the last six months. It appears, 
however, that the sharp fall in tire 
jobless total during that period is at 
least in part attibutable to the up- 
turn in economic output as well as 
to official measures. 

After a pause in ft e early part of 
1986, the growth of output has ac- 
celerated, bringing some slowing in 
the rate of job losses in manufactur- 
ing and slightly foster growth of 
employment in services. 


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w ’ i. i iit r . ii ' . t 


Kinnock rebuffs Scargill in 
letter to Welsh miners 


BY PHILIP BASSETT, LABOUR EDITOR 


MR NEIL KINNOCK, the Labour 
Party leader, has snubbed Mr Ar- 
thur Scargill, president of tire Na- 
tional Union of Mineworkers 
(NUM), by backing the decision of 
mqim in South Wales to accept 
new working methods. 

Mr Kznnock’s praise of the "con- 
rage and foresight" of the South 
Wales area of the NUM in agreeing 
to hold talks with British Coal on 
details of six-day working at the 
proposed new mine at Mazgam 
amounts to one of his most public 
rejections of traditional union atti- 
tudes tfw» «nd of the 2984-85 
miners' strike. 

It may well be of benefit to Mr 
Knwock and Labour dectorally in 
making dear the between 

the party leadership and Mr Scar- 


gfli’s brand of militant trade union- 
ism. 

But Mr Scargill, speaking after a 
meeting with British Coal, implied 
Mr Khmock’s remarks were in con- 
travention of Labour Party policy. 
He said: "Everyone in the labour 
movement should support TUC and 
Labour Party policy or moving to a 
shorter working week.” 

Mr Scargill said that next week's 
NUM special conference would ref- 
lect his opposition to the introduc- 
tion of flexible shifts, but Sir Robert 
Haslam, British Coal chairman, ac- 
cused him of being totally out of 
touch with the commercial realities 
of the in du stry. 

Mr Kumock's move is likely to 
strengthen the band of those in the 
NUM who claim Mr Scargill is be- 


coming an increasingly isolated fig- 
ure in their ranks. 

The Labour leader’s strong sup- 
port for tiie South Wales miners 
came in a letter, released yesterday 
by the NUM in the area, to Mr 
George Rees, area secretary. 

Warmly congratulating the min- 
ers on their derision, Mr Kinnock 
wrote: "The decision was not easy 
and it clearly took courage and fore- 
sight. It is evidence of workers who 
want to guide events instead of be- 
ing pulled along behind." 

The derision was “particularly 
positive” because it demonstrated 
the area miners’ derision to secure 
employment for the future. The 
£80m Twine may provide up to 1,700 
jobs, directly and indirectly. 








New Issue 


These Bonds haring been sold, this announcement appears as a matter of recotd only. 


March 1987 


JSR 


Japan Synthetic Rubber Co., Ltd. 

Tokyo, Japan 

DM100000000.- 


2Vb°/o Bearer Bonds of 1987/1992 with Warrants 
Unconditionally and irrevocably guaranteed by 

The Industrial Bank of Japan, Limited 

Tokyo, Japan 

Issue price: 100 % 

Interest date: March 19 

Repayment: March 19, 1992 

Subscription Right Each bond in the principal amount of DM 5000.- Is provided with one Warrant’ 
From June 2,1967 on 853 Shares of Common Stock of Japan Synthetic Rubber Co., 
Ltd. can be subscribed for each Warrant at the current subscription price of ¥ 492 
per share. 

Listing: Frankfurt (Main) 


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Industriebank von japan (Deutschland) Aktiengesellsdiaft 


Bayerische Landesbank 
Girozentrale 


Bayerische Vereinsbank 
Aktiengeselfschaft 


Crfedit Commercial 
de France 


Deutsche Bank 
Aktiengesellschaft 


DC BANK 

Deutsche Genossenschaftsbank 


Kredietbank 
International Group 


Morgan Stanley International 


The Nikko Securities Co., 
(Deutschland) GmbH 


Sanwa International 
Limited 


Schweizerischer Bankverein (Deutschland) AG 


Arab Banking Corpo ra tion - 
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Badcn-WDrtteniberrisdw Bank 
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Banca «fef CoUanfo 
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Banco de Bilbao Deutschland 
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Bank GntzwflfeQ Kuix, 
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Chase Bank 
AktimgeseUacbatt 

Citibank 

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Goldman Sadis 
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Georg Hands & Soho Bantten 
kennwanJ U g Wid i a ft ant Ak Hw i 


Hesslsche Landesbank 
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limited 

Credit Lyonnais 
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CSFB-Effee te nbauik 


btituto Bancario 
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Bank Mees & Hope NV 
Bank J. V o nto bd & Co. AG 
Banque Bruxeffes Lambert & A. 

BanqueCbifnle 
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Capital Markets GmbH 


Deutsche Girozentrale 
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Kuwait Foreign Trading 
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Brinhche Bank & Co. 


DSL Bank 

Deutsche Sfedfnngs- und 
Landes rented hank 


DKB International 
Limited 


Baring Brothers & Co., 
Limited 


Dresdner Bank 
AUtengewUschaft 


Bayerische Hypotheken- 
tmd Weduef-Banfc 
AktiengeMUKfMft 

BeHlner Bank 
A M wi yi ctediaft 

Banlduus Gebrfider Beth maun 

BHF-BANK (Sdnreizl AG 


Robert Renting & Co* 

United 


Kuwait Investment 
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Landesbank Rbemtaad-Pfabr 
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B.Metzter seeLSohn &Co. 


Sutan That International 
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Swiss Cantooalbanks 
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Trfofcans & Burfchardt KCaA 

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limited 


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Scottish 

closure 

denied 


By Helen Haguo 
and Lynton McLain 


SIR Frauds Tombs, chairman of 
Rolls-Royce, said yesterday be 
wanted to make it "categorically 
clear that RE has no plans to dose 
its factory at East Kilbride, Scot- 
land." Trades unions in the ocm- 
pany suggested this would happen 
as a result of a management docu- 
ment they had obtained. 

The company had no plans for ft- 
versification away from its current 
activities after privatisation. Sir 
Francis added. 

The unions has seized on a docu- 
ment outlining radical [Jans to 
reshape Rolls-Royce to bolster then- 
campaign against privatisation. It 
was, however, a discussion paper, 
“prepared at a veiy junior manage- 
ment level a year ago,” Sr Francis 






r : - • ■ ■ . ■ O 


The document, obtained by he , 
Confederation of Shipbuilding and , 
Engineering Unions (CSEU), ar- 
gn& that Rolls-Royce must “reduce 
its vulnerability to the cyclical na- 1 
tore of the company.” | 

It should “procure other mojor in- 
terests so that aero engines be- 
come, say, only 20 per cent of the 
whole,” suggesting diversification 
into "food, oQs, medical care, bank- 
ing, Unit trust TnaTiwgprrwant, drink 
etc." 

The document said that at least 
four locations should be shut, in- 
cluding East Kilbride, which em- 
ploys about 2,400 people. 

According to the wniimK, shop 
stewards had been told by manage- 
ment that the controversial docu- 
ment was superseded by a second 
draft - copies of which were shown 
to senior stewards at East Kilbride 
and Derby. The officials were not 
allowed to retain copies but note d 
only two key changes to the central 
thrust of tiie paper. 

These were the substitution of lo- 
cations proposed for closure by the 
phrase "plant rationalisation" and 
modification of the percentage of 
business In the agio engines from 
20 per cent to 25 per cent 
Mr Al ex Fe rry, general secretary 
of the CSEU, said be had no doubt 
Rolls-Royce would deny planning to 
implement the proposals “up to the 
Him when a decision is mane as to 
tfr ft fntnre ownership of tile Cfflapa- 
ny.“ 


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However; wben the discount 
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FinaQ?ial limes Frida 


y March 20 1387 


Chloride takes on Lucas 
stake in electric cars 


BY JOHN GRIFFITHS 

SJ*J22 e . f Wdng 0^ 

interests in their joint 
wntore «H^jaay developing S 

tnc vdnde drive system&^ 

JS*** 1 ®*®^ Iacas Chloride EV 
•yswns, has been uartlv finvkrf 


±*ia^J*EEZ. 

(DTI) and i* widely regarded 
«»> M electric cbm- 

HSS»sas£ 

aaasssjasst 

Japan, it has another fieet on as- 
s^CTaent wfcitii could lead to colla- 
^ation wfto the Japanese electri- 
city and vehicle industries, white 
v?hides are also on trial In nearly 
12 other countries. ■ 

Employees of the Runcorn, 
taieshire-based, company will be 
details of Chloride’s takeover 
at a plant meeting today. General 
manager Mr Jim Bradbury is ex- 
“to teQ them that, while a 
of administrative jobs 


Only 55 people, mostly engi- 
Jteeres and tofthm>*ng are employ- 
ed within Incas Chloride EV Sys- 
tems, which operates mainly as a 
design and development engineer- 
ing activity. But other companies 
within both Lucas and Chloride pro- 
dace the batteries, motors end oth- 
er hardware which mafrA up the 
drive systems. 

Lucas Industries’ decision to 
withdrew from the venture is in 
line with a number of other ac i K Wt 
it has taken to lessen its ^rnphacic 
on automotive operations in favour 

Off ite AnmenciM — J - 


It also comes when the venture 
has effectively completed the first 
phase of proving the technology. It 
was set up in 1081 with a five-year, 
Q6m funding programme - hal f 
from the trn and the other half 
equally from Chloride and I *m ws. 

The first phase formally expired 

C+ unav «■■ i _TI ±1-^ * _ 


technical redundancy pro- 



[ Lucas employees within the joint 
-will be re-employed ante- 
by Chloride Industrial 

jre* 

r for the venture. 


teg taken up, and the ttn is con- 
tawin g to make fairp^ available, 
Mr Bradbury said yesterday that 
the vent ure was also starting to 
eanerate revenue of its own from 
operations hke those in the US and 
Japan, and faced no ffaunrifl i diffi- 
culties. 

Hie mai n practical effects of the 
restructuring appear to be 
while Lucas is expected to continue 
to supply components to the ven- 


FT 

(conference) 


Pensions 


udget measures on 
pensions attacked 


BY EMC SHORT 

' IE PENSION proposals put for- 
i ird by the Chancellor <rf the Ex- 
< equer in this week's budget were 
; tterfy attacked by Mr Mfr»ha»>l 
eacher. Labour’s spokesman far 
fflffis and social security. 
Speaking on the first day of the 
i inference on Pensions - the Time 
r Action -organised by the Hnau- 
i eiI Times in Ixmdon, Mr Meacher 
id they would do a lot for tee Gov- 
nmenfs obsession with privatise- 

ID, hntnntfifngfhp pwngfaiWK. 

'in particular, he was highly crifi- 
’ of the proposal to advance the 
date of personal pensions and 
■ the incentive, which be re- 
to as a bribe, for a farther 
a move he condemn ed as 
teckless. 

The budget proposal to posh "off 
the peg,” no-friDs occupational 
schemes may increase shnptifiCB- 
tion, but he dahned it would lower 
the quality and value of such pen- 
sions. 

finally Mr Meacher considered it 
'breaih-takmgly myopic” to intensi- 
ty concentration on personal pen- 
nons and support the m antin g of 
the State Earnings-Selated Pension 
Scheme (Sops) when the Govern- 

Bent's own figures showed Serps to 
oe substantially better than person- 
al pensions for earn i ng s of all ages 
and all levels of earnings. 

Mr Norman Fowler, the Social 
Services Secretary, speaking later 
in the day, concentrated on speHing 
Mjt the Government’s record in the 
rivate pension sector and reassur- 

v _ v .aL .J- jLjk i«»fc,Amdwnffing 



employees make their own person- 
al pension arrangements. 

Mr Maurice Oldfield, group pen- 
sion executive Affied-Lyons, dis- 
cussed the relative merits of compa- 
ny pensions schemes with benefits 
based on final salary and money 
purchase company schemes. 

He analysed the way employers 
should treat these two options in as- 
sessing the struc ture of titter pen- 
sion arrangements, reminding del- 
egates that money purchase was 
not the complete answer to a com- 
pany’s pensions problems. He ref- 
eied them of past experience at 
such schemes. 

He envisaged a general approach 
of providing a money purchase 
scheme for younger employees, 
who are hktey to be more mo b il e, 
switching to final salary schemes 
for older employees. 

The subject of communicating 


ire there for employers and pen- 
providers to provide better 


confirmed the working part- 
op between Government and 
national pension sch eme s in 
ear world of p ens i on s brought 
t by the Government’s mea- 
% 

i other speakers, however, re- 
id from ind u l g ing in political 
ttfosophical speculation ami 


iwwi " 1 " * -r — — — : — 

atrated on the problems fac- 
mpanies and pension manag- 
l implementing the Govern- 
; new pensions framework. 
y«n Cole, group pensions di- 
dt Reddtt & Colmann, start- 

s aspect of the discussion by 

r outlining the main changes 
lit about by the 1988 Social 


, he discussed the effect on 
aies. particularly the finan- 

pact,oftiieeutmSerps.Em- 
; would need to consider the 


tin? pension scheme to employees 
was introduced by Mr Dryden Gift- 
ing-Smith, i panttgmg director of 
Employee Benefit Services. 

He <fiyng«i the new fegisfotire 
requirements on disclosure to em- 
ployees, including the infonnation 
that should be given in an employ- 
ee's benefit statement 

He then went on to discuss the 
means of comimmicatkm 
the opportunities and the pi tfa lls 
fered by the new technology. 

Tflf* aspects were 

enlarged upon by Mr Tony WeRer, 
secretary pension funds Cable and 
Wireless. He described the ap- 
proach frfa»n by his company in 
communicating the pension ar- 
rangements set op when his compa- 
ny was privatised. 

His problem was that the work- 
force was scattered throughout the 
world. Hie company adopted the 
use of inter-active videos using both 
professional actors and co m pan y 
employees to get across the mes- 


^ scheme - a move 
d raise the unit costs for 


tae remaining 

Second, and more importer^ 
the new freedom of choice to ent 

ssjrssrM <**&?** 

*ffne3to to* afresh^ 
benefit structure, unprove 
to make it more 

nn Ty to cew e^p teyees, wh. 

® dsti ^?? rorirft ^ddpWatesthat to^aS^rtwi- He put forward the 
Mr Cute case for passive investment - 

matching rather than tiying to beat 
the average - a subject that is be- 
coming mare topical in the UK pen- 
sions field. 


Mr Eric Rogers, deputy ch ai rman 
of the Occupational Pensions 
Board, described the role of the 
board, which was being greatly ex- 
panded under the new regime. In 
particular he listed the main points 
that would be required from the 
new-style personal pensions in or- 
der to get the board’s approvaL 
jfinatiy. Mr Claries Mass 
vice-president Chase Investors 
p fr tmgwn eat Corporation, spoke on 
a completely different aspect of 


ESgH35 


Takeovers under fire 



jjjjjik. few British compares are beyond a 

m Hertot- ge said that bidders may be in- 
* uBh ' cjeasingly from overseas, 


turn, the new wholly Chloride- 
owned venture should be able to 
shop around for components. 

The project draws together the 
systems company with Chloride Si- 
lent Power jointly owned by Chlo- 
ride Group and the UK Electricity 
Council which is developing Chlo- 
ride’s revolutionary new sodium- 
sulphur battery. It is expected to 
provide a large panel van with a 
range of well over 100 miles at a 
single charge, even at speeds of up 
SOmph. 

Mr Bradbury refused to predict 
precisely when sodium-sulphur bat- 
tery-powered vehicles might appear 
in commercial production. But he 
said a significant expansion of elec- 
tric van activities in the US would 
t»Vg place from early nwrt year, 
with “several hundred” more GM 
Griffon lead arid electric commer- 
cials being produced as evaluation 
vehicles prior to full commercial 
production. 

GWs derision to proceed with the 
project in North America, seen as 
hy far the largest potential market 
for electric vehicles, saved the Lu- 
cas Chloride venture from a poten- 
tial crises last year. This followed 
GM*s heavily Joss-making UK sub- 
sidiary, Bedford, scrapping its CF 
electric van, around which much of 
Lucas Chloride's system develop- 
ment had been based. 


UK NEWS 

European industry 
told it must close 
the technology gap 



13 


BY JIMMY BURNS, LABOUR STAFF 


EUROPEAN industry should cut 
through the bureaucracy and 
streamline the organisation of 
t raining so as to narrow the tech- 
nology gap separating it from Ja- 
pan and toe US, Mr Heinrich von 
Moltke, a leading European Com- 
mission official, told a conference 
on industrial policy organised by 
the European Trade Union Confer- 
ence (ETUC) in London yesterday. 

"The supply of trained people can 
be directed where demand is high- 
est, and the rale of firms in the 
training process must be turned to 
account without, however, attach- 
ing any constraints to the recruit- 
ment of trained staff”, Mr von 
Moltke said. 

Companies will play an increas- 
ing role in this "because of the high 
degree of specialization on the spot, 
on the one hand, and the increasing 
speed of need of new skills on the 
other’’. 

Mr von Moltke said the same con- 
sideration should he applied to re- 
taining manpower from outdated 
industries for jobs In developing in- 
dustries. 

He urged public authorities is 
European countries to step in "to 
launch, follow up and support initia- 
tives" through specific incentives 
such as job premiums, tax conces- 
sions for companies involved in 
training, and mobility premiums. 


Mr von Moltke’s remarks came at 
toe beginning of the twoday con- 
ference hosted for Britain's Trades 
Union Congress (TUC). The confer- 
ence of non-communist European 
un ions was ra ile d to exchange in- 
formation and experience on cur- 
rent industrial policies within Eu- 
rope. It was also expected to debate 
the extent to which a “European di- 
menston” to industrial policy should 
be pursued, and what it should con- 
tain. 

Opening the conference, Mr Nor- 
man Willis, General Secretary of 
the TUC, said that while Britain 
was the worst case - Europe as a 
whole “fell badly short in develop- 
ing a cooperative strategy for in- 
dustrial survival and growth 1 *. 

“We must get our act together 
when it comes to manufacturing in 
which our comparative advantages 
lie in Western Europe”, Mr Willis 
said. 

Claiming that Europe’s strength 
lay in its “skilled workforce,” Mr 
Willis said: ”We need to develop 
these strengths and make sure that 
our countries and companies com- 
bine them and convert them into 
success in the advanced, technologi- 
cally-based industries of the fu- 
ture.” 

Guest speakers included Mr Ed- 
ward Heath, the former British 
Prime Minister. 


Labour plans a compulsory 
training levy to raise skills 


BY MICHAEL CASSELL, POLITICAL CORRESPONDENT 


THE LABOUR Party yesterday un- 
veiled plans for a compulsory train- 
ing levy on all companies to help fi- 
nance a 10-year programme 
at building the best-trained and ed- 
ucated workforce in Europe. 

Launching a new policy docu- 
ment, dubbed "New Skills for Brit- 
ain,” Mr Neil Kuztack, the Labour 
Party leader, revealed details of a 
crash programme to provide 360^KHJ 
training places in ttro years. 

He attacked the Government for 
presiding over a critical skills crisis 
for leaving training to the whim of 
individual employers and said that, 
under Labour, they would be ex- 
pected to make a fair, financial con- 
tribution towards improving the na- 
tion's skills. 

The document states: The bot- 
tom line will be that all employers 


will be required to provide train- 
ing." 

Mr John Prescott, Labour's em- 
ployment spokesman, said that 
British indukiy bad come to see 
training “as a cost to he cut, rather 
than an investment essential for in- 
dustrial success." 

He continued: This is dangerous- 
ly short-sighted. We have to raise 
toe quantity and quality of training. 
Our plans will replace the present 
skivvy (menial) schemes which 
mean low pay, low skills and low 
opportunities." 

The new proposals, which form- 
part of Labour's jobs, training and 
industrial regeneration strategy, 
are based on an Adult S MD plaa. es- 
tab bshmg a national framework for 

iyw^tgfrial tr aining designed tO 

double manufacturing industry 


training levels within two years. 

The Labour plan envisages that 
the cost of the programme will be 
shared between toe Government 
and industry. The party says the 
precise form of funding win be sub- 
ject to consultation with employers, 
trade unions and other interested 
parties, but Mr Prescott said that it 
would not, as had been speculated, 
entail a levy cm turnover. 

The Adult Skillplan would be sup- 
ported by a Foundation Pro- 
gramme, which will eventually re- 
place the present Youth Training 
Scheme and would offer all l&-year- 
nHs a two-year guarantee of a place 
in education, training or work expe- 
rience, The intention waste end the ■ 
choice many children face at IS be- 
tweffl following an academic course 
or pursuing a youth training 
scheme. 


Britain joins space shuttle project 


BY PETER MARSH 

AFTER three months of agonising, 
Britain has finally decided to join a 
European p rog wunmp to d e sig n a 
mini shuttle capable of takin g peo- 
ple into space. The UK said yester- 
day it would contribute about 6 per 
cent of the £35m budget for the pre- 
paratory phase. 

The project, under the auspices of 
the 13-nation European Space 


Agency, is to provide toe outtine de- 
sign of Hermes, a small-winged ve- 
hicle which would enter orbit on top 
of an Ariane rocket The ESA na- 
tions sue due to thi s summer 
whether to go ahead with a pro- 
gramme that could cost up to CSbo, 
according to estimates. 

Announcing toe flariann, Mr Roy. 
Gibson, director general o£ the Brit- 


ish National Space Centre, said that 
the UK's involvement would ensure 
it game a "technical visibility" in 
toe Hermes programme. 

As a result of the UK joining, 
some Hermes design contracts are 
likely to go to British companies. 
GEC, British Aerospace and Smiths 
Industries are flvwnwg those expect- 
ed to benefit 


Why workaholics seldom get to the top. 



Is he working his way to lhetop$ 
Or no! on top of his work? 


This is a true story. 

One company we know employed a man who worked very hard every 
day long after everybody else had gone homeand often af weekends as well. 

His job wasn't particularly important or well paid. But everybody marvelled 
at how long and painstakingly he laboured. 

At 9 o'clock one night, a few years before he was due to retire, he went to 
collect some more paper from the stationery store. On the way, he had a heart 
attack in the lift. 

Nobody was there to tend him. They'd all gone home. So he died. 

His bosses felt guilty. Had they been overworking him,they wondered. 

So they gave someone else the job fe do and watched carefully to see 
how he fared. 

The new man found he could do the entire job in two days a week. 

Workaholics, it seems,do not work for success or riches. 

They don't work to achieve anything. 

For them, work is an end in itself. If anything, they work to create more work. 

True, you may say, but what has this to do with InterOy. (We assume you've 
spotted the logo at the bottom of this page.) 

Next time you're on the motorway, (ook at the business folk in their cars. 

What are they accomplishing? 

Not a lot. 

They are achieving nothing more than covering the miles to Liverpool, 
London, Birmingham or wherever. And they are turning it info hard work. 

Look at their faces. Do they look as though they're enjoying if? 

When they getto the other end, they will be tired. So they will have the 
comforting feeling that they have done a day's work and earned their money, 
before they even reach their meetings. 

Now look at the people covering the same journey on InterCHy. 

These people are shirking. 

They are reading magazines, doing crosswords, playing chess, thinking, 
eating meals, studying reports, formulating their strategy, snoozing, daydreaming. 
Heaven help us, some af them are drinking alcohol. 

Most of all,they are having a nice lime. 

Is this any way for go-ahead executives to conduct themselves? 

ft certainly is. 

They arrive at their meetings with fresher, dearer minds.They are probably 
morealertand certainly lesstiredQuiie simply,the/re in a fitter state to do business. 

Whafe more, they get to their meetings at up to 125 miles an hour 
instead of 70. 

Sometimes the way to the top is to do less work. Intercity 




Financial Times Friday March 


a HOW DO YOU IMPROVE 
EUROPE’S BEST SELLING 
PERSONAL COMPUTER? 


A. ADD NOTHING. 


When you already produce the M24, the best selling 
European personal computer, and you already back it up 
with an aftersales service beyond reproach, you'd have 
thought improving it would be impossible. But we've 
managed it. 

Buy an M24,oranyotherOlivetti persona! computer, 
before the end of April and we'll offer you interest free 
credit. Phone for written details now. 




Olivetti 


OUVETn FINANCIAL SERVICES LTD 


UK NEWS 


Safeguards on fraud by Morgan Grenfell 
computer ‘inadequate’ EHrotuim el offer 


BY ALAN CANE 



MEASURES fedrwi by us compa- 
nies to protect themselves against 
computer fraud or systems failure 
mere either inadequate or non-ex* 

istent, a leading firm of accountants 
claimed yesterday. 

Ernst & Whinney, which has tak- 
en a special interest in fraud both 
in Britain and in the US, said; “We 
believe that the. impact of computer 
fraud is still seriously underesti- 
mated by UK executives. We do cot 
believe that the contingency and 
disaster recovery plans made by 
UK firms in general are adequately 
- if they exist at aH" 

Erast & Whinne/s comments fol- 
lowed publication of a survey of 202 
companies which suggests that 
losses from fraud of all kinds in the 
UK axe at least , £5bn a year. It in- 
dicated that M per ceiitrf the firms 
questioned said they had taken ade- 
quate precautions. 

Mr Steven Kneebaoe, a manager 
in the firm’s computer audit and se- 
curity group, said yesterday all the 
evidence suggested that was un- 
true. Over tiie past six months 
cases be had investigated jackaled: 
• A major m a nufa c tur er m the 
Midlands which lost £300,000 


fo rringH a riwipia electronic funds 
transfer fraud. 


ties, an izH&atton of the extreme 


hirer's bank persuaded it to switch 
the cash eJectronicafly overseas. It 
has never been recovered. 


• A Londoivbased company which 
is hesitating to fire an employee su- 
spected of fraud. It believes, bat 
cannot prove, he sabotaged the 
computer installation at a former 
employment fay setting a 'logic 
bomb", a hard-to- trace piece of soft- 
ware which caused the system to 
fail. It fears he may have sabotaged 
its own system in the same way as 
a defence a gain st dismissaL 

• A West Midlands manufacturer 
which regularly sends a computer 
tape to the Bankers Automated 
Hu»wrin|r House with payment in- 
structions worth over ElQOm. 

Ernst & Whinney painted out 
that the tape could easQy be tam- 
pered with, but the firm refused to 
implement amp le defensive mea- 
sures on the ground that it would 
cost it a delay of a day in making 
payments. 

Norte of these firms was prepared 
to be iden t i fie d, nor have they re- 


over admitting their systems are in- 
secure. 

The survey, an update to a simi- 
lar study Ernst & Whinney carried 
oat in 1885, showed half the re- 
spondents believed computer fraud 
in Britain had increased over the 


Of the respondents, S3 per cent 
said their ramji*nii>g had contin- 
gency or disaster recovery plans in 
case of computer systems failure. 
Ernst & Whinney notes This is 
widely at odds with the perception 
of fee situatiOE fay computer secur- 

nun.Krle anti tiwIHiw** 


Computer Frond Report, 
Ernst & Whinney, Qi-928 2000, 


• Geisco, the wf o n nati oa services 
arm cf General Electric of the US 
anrf Racal-Guardafa yesterday an- 
nounced a co-operative marketing 
agreement for a security product 
which will »uW an “electronic signa- 
ture' to messages sent over Geis- 
go’s worldwide co mput er ne tw o r k 
identifying both the sender and the 
computer from which it was sent. 


Comsat offers early date for 
launch of DBS satellite 


BY RAYMOND SHODDY 


COMSAT, the US satellite organisa- 
tion, is oSering British Satellite 
Broadcasting, holders of Britain’s 
direct broadcasting satellite fran- 
chise, an August 1989 launch date 
tor the satellite. 

This would allow Britain’s DBS 
televishm service to begin in the 
late autumn of 1989 - a year earlier 
than expected. 

Comsat, US re p resentative of In- 
telsat, the international satellite te- 
lecommunications monopoly, says 
St has a firm August 1989 reserva- 
tion on the first McDonnell Douglas 
Delta rocket to carry a commercial 
rather than a military payload. 

Mr Ernesto Martin, a C omsa t 
vice-president, said he believed that 
Comsat was the only one of the 
three shortlisted satellite suppliers 
who could offer a television service 
begmning in The others short- 
bsted are British Aerospace and 


Hughes of the US. 

It is believed that a senior Com- 
sat executive will be in London next 
week for negotiations with BSB, a 
consortium made up of Granada, 
Pearson, Virgin, Amstrad Consum- 
er Electronics and Anglia Televi- 
sion. 

Comsat is offering BSB two high- 
power DBS satellites far S75m 
(£46 5m). They were intended far a 
DBS service in the US but Comsat 
withdrew. 

The satellites have to be modified 
for European use - a process which 
would take 18 months, about half 
the time needed to tauQd new satel- 
lites from scrstch- 

Later this month in London, 

romsirt and 'Marh aixhibt fho tending 

Japanese consumer electronics 
company will announce a new flat 
aerial for receiving satellite broad- 
casting. 


It will be the first time the new 
aerial has been shown publicly. The i 
base research was done at Comsat 
laboratories and the pro t o t y pe has 
been produced by Matsushita. 

Comsat believes that the aerial, 
which could be fixed to a house wall 
more easily the rfwefr 

aerials, should be available in shops 
in Hwm fot the bmwh - q{ Brfifc-h 
DBS, 

The surface ares would be the 
as the 30cm d«h geoab 
needed to rece iv e pictures iron a 
Comsat satellite. 

“It’s very unobtrusive- ft looks 
nice.' said Mr Martin, who befieves 
the Sat aerial should cost no more 

tfi*n rtnp u vn l i t e ral 

A pre ss con- 

ference to fattwfa the pro to t y pe is 
pinnm>H for March 28 at the f>My 
ami Satellite exhibition at Wembley 

in T lflvfc n 


^o'^vlfvPrendi MacNamara’s qspoudmenfc. 

EUBOTUNNEL,_^ An^-Fr^ soon* change brings in |fr 


Martin Hall, fonoeriy heatf of fee 
day announced that a s®*®**?®*' 'rveasur?^ tanking SwsSott- add 
tent director in Morgan Grenfell's V e0sas ll • JrSiL. JStS . 5 








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Fi ° ancial Times Friday March 


20 1987 


cbp-iJ’o^L^ 


CONTENTS 



mg up to the cost of 
enjoying a standard of 
Jfl livin g that is among the 
^ JK J Best in Europe, but it 
has been achievgq at the extrensg nf 
worrying foreign debt. The Danes wiiT~ 
soon have to go to the polls to decide 
which governme nt is best equipped to 
pay the bills without inflicting too much 
pain. Hilary Barnes reports. 


High cost of 
the good life 




THE - DANES have been preen- 
ing themselves recently. The 
updated version of the cross- 
national survey by Professor 
Richard Estes, of Pennsylvania 
University, entitled The Social 
Progress of Nations^ once again 
ranked Denmark as the best 
country in the world in which to 
live. 

The country’s living stan- 
dards, chromium-plated wel- 
fare system, high standards of 
health and education, equality 
of income and wealth, and the 
homogeneity of the population, 
lend credence to the professor’s 
conclusion, but his study seems 
to ignore the feet that today's 
living, standards are built on a 
net foreign debt equal to about 
40 per cent of the gross domestic 
product 

In contrast to Professor Estes’ 
as-of-now picture of a remark- 
ably successful and civilised 
society, one of the government’s 
most experienced , advisers 
depleted in private conversa- 
tion a country which has lived 
on political, economic and 
cultural credit for too long and 
is now watching the bills come 
in. The country, in his view, has 
a gove inability problem. 

The Foreign debt is the most 
visible symptom of a mal- 
functioning system. Successive 


12 Percent* 

Unemployment 


8 Current 


1983 
{Source: PECO 

I 4 Percent 



tZT 

8 V- “ 



1983 

I *C™iltan taorkkx) ooouia 1 >on 


«y; . >.>■ rw 


governments, despite deter* 
mined efforts, have been unable 
to adjust the country’s living 
standards to its means, and (he 
longer it takes to nmiw the 
adjustment, the more difficult it 
will become and the greater the 
social and political tensions U 
will cause. 

The present coalition Govern- 
ment, which set out in 1982 to 
implement “an economic recon- 
struction,'* faces the prospect 
that its initial achievements 
will now unravel as a conse- 
quence of this spring's collec- 
tive wage agreements. 

A disquieting feature of the 
Danish scene is the way in 
which the Folketing (parlia- 
ment), comprising nine parties, 
functions. 

The present Government, a 
four-party minority coalition 
headed by the Conservative 
Party leader. Prime Minister 
Poul Schluter and including the 
Liberal Party, the Centre Demo- 
crats and the Christian People's 
Party, has had a rough ride in 
th*> Fo Ike ting. 

It can only count on majorities 
for economic policy, but on 
many other issues, most impor- 
tantly on foreign and defence 
and environmental issues, it is 
at the mercy of a Centre-Left 
opposition majority. 


1981 83 85 87* 





Denmark 


The situation, in which the 
Government has responsibility 
without power and the opposi- 
tion power without responsibil- 
ity. flummoxes the outsider, as 
well as quite a few Danes. It fa as 
arisen because the balance 
between the left and right blocs 
is held by the Radical Liberal 
Party, which supports the Gov- 
ernment on economic policy but 
votes with the leftwing parties 
on many other issues. 

Mr Schlfiter has reasoned that 
the coalition's resignation will 
not solve the problem. On the 
one occasion when a vital issue 
was at stake, Denmark's appro- 
val of the European single act. 


the EEC reform package which 
was agreed in December of 1985, 
Mr Schldter did not put it to the 
final parliamentary test but 
called a referendum instead— 
and won. 

With an election due this year 
(or at the latest by January 10, 
1988), the opposition this spring 
has utilised popular concern 
about the environment to force 
the Government against its bet- 
ter judgment to implement a 
crash programme of measures 
to reduce pollution of coastal 
waters. 

The measures will be 
extremely expensive, their 
measurable effects on the 


environment probably slight 
and perhaps negligible. But for 
agriculture, which is being told 
among other things to cut the 
use of artificial fertilisers by a 
third within three years, the 
consequences may be dramatic. 

Another of the bills to thump 
through the collective door cov- 
ers years of “ free riding " in 
Nato, which has left Denmark 
with such weak defences that its 
allies wonder out loud whether 
rescuing Denmark in case of 
attack is any longer feasible. 

The economic bill is not just 
metaphorical. Each Dane owes 
about $7 ,300-worth of foreign 
debt. The interest on the foreign 



debt alone is equal to 4 per cent 
of the gdp. 

The persistent externa! 
deficits are intimately con- 
nected with an unsatisfactory 
wage formation process, which 
drives costs up faster than com- 
patible with external balance 
and rapidly invalidates 
attempts to deal with the prob- 
lem by exchange rate adjust- 
ments. 

There is a special problem in 
the public sector. The Govern- 
ment employs so many people, 
some 800,000, about 30 per cent 
of the labour force, that no gov- 
ernment has much hope of win- 
ning an election unless it can 


Agriculture Shipping and shipbuilding Profile/M a ersk 


keep its employees sweet 

This may help to explain the 
generosity of the new wage 
agreements, which once again 
displayed the malign workings 
of the wage formation system. 

The Danes have awarded 
themselves a 37-hour week, to 
take effect in stages by 199 0, the 
lowest negotiated working week 
in Europe, while wage rates, 
including compensation for 
shorter hours, will rise over the 
next two years by 6-7 per cent a 
year. 

The settlements are not com-, 
patible with an improvement in 
competitiveness, spelled oat by 
the Government again and again 
as a sine qua non of reducing 
the external deficit 

The settlements combined 
with exchange rate changes, 
says Professor Christen Soren- 
sen, chairman of the influential 
economic advisory council, may 
worsen competitiveness by 8 
per cent to 9 per cent this year. 
He foresees rising unemploy- 
ment as well as continuing cur- 
rent account deficits. 

Mr Sven Auken, deputy chair- 
man of the opposition Social 
Democrats, is convinced that 
whoever is in government next 
autumn will be forced to imple- 
ment a new round of fiscal 
unpleasantness and does not 
disguise that if his pariy is in 
office the population has ony 
hair-shirt treatment to look for- 
ward to. 

On balance, however, it 
appears more likely that Mr 
Schlttter, widely regarded as 
one of the most competent post- 
war prime ministers, will stay 
on. though whether he can keep 
the four-party coalition together 
remains to be seen. 

The kingmakers in Danish 
politics are the radicals. Their 
leader, Mr Niels Helweg 
Petersen, has said frequently, 
that the radicals will back Mr 
Schhlter against the Social 
Democrats after the election- 

The only thing which could 
upset this scenario is the return 
of a left-wing majority of the 
Social Democrats, in govern- 
ment most of the time from 1930 
to 1982 and led by former prime 
minister Anker Joergeosen, and 
the Socialist People's Pariy, an 
anti-EEC and anti-Nato party, 
whose main recent contribution 
to the economic policy debate is 
a promise to bring in a 35-hour 
week by law if they gain the 
power to do so. 

The opinion polls, however, 
do not suggest that these two 
parties are likely to be returned 
with a joint majority. 


Mr Poul SctiMfeer, Prime Minfs- 

ter (Bsptays the fncurabie 

optimism of the Danes 

Not the 

gloomy 

Dane 

SHAKESPEARE DID the Danes 
a serious disservice when he led 
the world to believe that, like 
his own Hamlet, they are a 
melancholy people. It would be 
nearer to the truth to describe 
them as incurable optimists, 
and Prime Minister Poul 
SchlOter is the incarnation of 
this spirit 

“ Absolutely not " was his 
reply when asked whether this 
spring’s collective wage agree- 
ments herald the breakdown of 
the Government’s economic 
policy, as many Danish econom- 
ists have been saying. 

“The crucial thing is unit 
costs of output If we get 
rationalisation and productivity 
improvements we shall manage. 

“ A big renewal of the produc- 
tion apparatus has taken place 
as a result of the investments 
over the past four years. I think 
we have a substantial increase 
in productivity in the pipeline.' 1 

Exports have been adversely 
affected by the appreciation of 
Hie krone, “but this may reg- 
ulate itself 1 see the pound is a 
bit stronger ..." he said with a 
broad smile. 

“I think we shall see some 
really nice trade figures this 
year, with a marked decline in 
imports,” he said, and added 
that after four years under his 
government the economy is 
basically more vigorous. 

Be cited the fact that state 
budget expenditure has been 
unchanged for five years in real 
terms, the budget deficit has 
been eliminated, production, 
employment and investment 
Continued on page 2 


Because Marks &Spencer demand 
the best in frozen fish,one bank gives 

Rahbek its sole support. When Marks I 






JUUUUI U When Marks 
1 1 & Spencer were looking 
- for a supplier of top quality frozen 
fish the standards they applied 
were rigorous indeed. 

They only wanted the best 
And, as the eventual winner, 
when Rahbek-foods cast thei r net y 
for a bank to handle this new^Ji 
business in Britain they ygFjfj 
| were just as demanding. 

!gi In fierce contest 
gk with other Scan- 

P gs International banks 
|» however, the scales 
g S tipped in favour of jj 

Our first duty was to | jp 

give general advice on 
setting up a UK subsid- 
iary and guidance on 
the most advantageous §lw3|j 

regional grants, flSIHS 

Even during con-|ra3^g 

struction of the factory 
we were able to help^^^^® 
with selection of 
suppliers and control the 

P Vive years on we still playa^ 
significant part in Rahbek-Foods 
continuing success. 

We think we have 
dgWd . one an excellent job^ 

sound^ as ^^^^^a^ 

PRIVATbanken 

DENMARK * SCANDINAVIA ■ THE WORLD 


crrMOKXM*HBSMfl-OBU3-P^-BERIiAJDfc-C«MWI6LA>OS-SAORUJlOJNWVO«C'L£a-Vim^ 

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WRTNERS 

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Banking 

on the Danish Lion 


* -y ’’ *•: '/• 

S' - /“ 


Invest with the Danes. 

In the resurgent Danish economy, as reflected 
in a steady Krone and the attractive yields on 
Danish bonds. 

Invest with Copenhagen Handelsbank. 

In the professional service of the bank, as 
reflected in its placement of your funds 
in profitable Danish bonds, such as govern- 


ment bonds and mortgage credit bonds - not 
to mention the new animal: Eurobonds in 
Danish Kroner. AH commanding a high degree 
of security. 

Copenhagen Handelsbank is the Son ri the 
Danish financial arena that keeps an ever 
watchful eye on the market to sense its mood, 
spot its moves, and select its choicest paper. 


Danish design in banking 


COPENHAGEN HAND 




Head office a. Hnlmens KanaL DK-1091 Copenhagen K, 
Denmwk.'WBpSMW +45 112 86 OQ.'We* B177 COCODK, 
350 branches throughout Denmark. 


BiWKbCK London. Los Aflnka. Nn York, Sineapow. Graivl C^ywn. 
Stibwdioiy: Lwnhourg. roprwenttttvoB FVwagiroto, Hong Kong, 
Maoilfl, liics, Swckholnfc Sydnry.'fiAy®- 











DENMARK 2 


Financial Times Friday March 20 1987 


The economy 


Foreign policy 


External deficit in need of curbing 


THE ACHILLES heel of the 
Danish economy is the external 
deficit There is a net foreign 
debt of Kr 262bn, about Kr 7.300 
per bead and 39.5 per cent of the 
gdp, which has accumulated 
through 24 successive years 
with current account deficits, 
culminating in 1986 with a 
record Kr 34.5bn deficit, some 
5V* per cent of the gdp. 

The soaring deficit in 1986 
was caused partly by factors 
which were beyond the Govern* 
meat's control. The trade- 
weighted appreciation of the 
krone by about 7 per cent from 
raid* 1985 to the end of last year 
hit exports, while a fall in the 
household saving quotient, from 
a normal 21-22 per cent of 
disposable income to 17-18 per 
cent, gave an unexpected boost 
to private consumption. 

Fiscal policy was switched to 
“ stop " last year, however, and 
little or no increase in domestic 
demand is expected in 1987. 
This should bring about some 
improvement in the current 
account deficit, which is now 
taking top priority. If there is 
any sign later this year that the 
current account is deteriorating 
again, the Government must be 


prepared to lake new measures 
to reverse the trend. Mr Erik 
Hoffmeyer. governor of the 
National (central! Bank warned 
this month. He told a meeting of 
savings banks that the country's 
credit-worthiness will be 
endangered if the deficit is not 
reduced. 

The outlook for achieving a 
lasliDg improvement in the cur- 
rent account is clouded by seve- 
ral factors, among them the 
strength of the krone. 

Other discouraging factors 
are the outcome of this spring's 
collective wage bargaining, 
which will cause Danish wage 
costs to rise considerably faster 
than in Denmark's trading part- 
ners. and the threat to agricultu- 
ral exports from the reform of 
the EEC's common agricultural 
price policy and Danish 
environmental restrictions. 

Except for the current exter- 
nal account, the present govern- 
ment has achieved considerable 
success with its economic poli- 
cies. 

It abolished, in 1982. the sys- 
tem of automatic price-wage 
linkage, an important factor in 
bringing down the rate of wage 
increases from around 10 per 


cent in 1982 to 4VfeS per cent last 
year. 

It stabilised government sec- 
tor expenditure, which has 
shown almost no real increase 
since 1982. This released 
resources to the “ exposed " — 
export and import-competing— 
sector, a process which both the 
Govenment and the Organisa- 
tion for Economic Co-operation 
and Development regard as an 
essential condition lor a long- 
term improvement in the exter- 
nal balance. 

These two policies, together 
with the declared determina- 
tion to maintain the present 
exchange rate led to a sharp 
reduction in interest rates. 

The restoration of confidence, 
together with more favourable 
international economic condi- 
tions after recovery from the 
second oil shock in 1979. set off 
a boom in private investment 
and consumption. The gdp 
growth rale 1984-86 averaged 
just over 3 per cent 

The recovery in domestic 
demand, combined with a Lax on 
pension savings and curbs on 
government spending, contri- 
buted to one of the Govern- 
ment's most remarkable 


achievements— the elimination 
in 1986 of a budget deficit which 
in 1982 was about 11 per cent of 
the gdp. This caused consider- 
able pain, as taxes as a share of 
the gdp rose from 44 to 51 per 
cent from 1982 to 1986. 

The boom was enjoyable 
while it lasted, but the impact 
on the current external account 
forced the Government to react. 
This year the GDP growth rate 
wifi be reduced to about 1 per 
cent, according to the Govern- 
ment's own forecasts, a *■ growth 
pause." as Finance Minister 
Patle Simonsen has called it. 

The hotly debated issue of the 
moment is the extent to which 
the collective wage agreements 
this spring have damaged the 
Government's policies for eco- 
nomic reconstruction. 

Long-term benefits will also 
accrue from a set of measures 
designed lo increase savings, 
which, at la per cent of the GDP 
in 1935. are lower than in any 
other OECD country except 
Greece. 

An income tax reform, taking 
effect this year, has reduced the 
tax-value of deductions to 50 per 
cent. Previously they were 
equal in value to the marginal 


rate of income tax, which rose to 
73 per cent fin exceptional cases 
even more). A second measure 
has imposed a tax of 20 per cent 
on net interest outgoings 
(interest on capital, less interest 
paid on debt) as this will feature 
on income tax returns (mortgage 
interest is excluded from the 
calculation), while the mortgage 
finance rules were changed last 
October to force would-be 
home-owners to have more 
before buying a first house. 

The wage settlements 
awarded a staged two-hour cut 
in the working week to 37 hours 
by 1990 (it was cut from 40 to 39 
hours last December, so that 
over 45 months potential output 
capacity will be reduced by 7 Vi 
per cent). Public sector wages 
and salaries over the coming 
two yean will rise on average by 
about 7 per cent a year, includ- 
ing compensation for shorter 
hours. 

Private sector wage rales will 
rise by 4 to 5 per cent, say the 
employers, and by 5 to 6 per cent 
if the trades unions are to be 
believed. On lop of this comes 
the cost of Lhe December cut in 
the working week, a lVs per cent 
increase in payroll taxes 


(employer social security con- 
tributions) and the “ carry- 
over" of 1586 wage increases. 

The wage settlements, plus 
uncertainty caused by the fact 
lhai there will be an election 
thin year, have caused the finan- 
cial markets lo send out some 
discouraging signals. 

Average yields in the bond 
market this month have 
approached 13 per cent, which 
gives real rates of interest or 
about 8 per cent measured 
against consumer prices and 13 
per cent against producer 
prices. 

The Government is adamant 
that the exchange rate most not 
be changed, and the main 
opposition party, the Social 
Democrats, agree. 

But the Government will face 
an increasing dilemma as the 
rise in wage costs and the 
strength of the Krone squeeze 
profits and begin to affect 
investment and unemployment 

Export performance in the 
past few months may be a sign of 
what is to come. In the five 
months to January, export 
revenue (seasonally adjusted) 
fell by 7 per cent from the same 
period a year earlier. j 



Foreign trade 


Manufacturing 
exports decline 


TRADE UNION LEADERS, 
sometimes seconded by social- 
ist political allies, often say that 
if only Danish export industries 
were up to the mark, the country 
would not be struggling with an 
external deficit problem. Butin 
sober fact. Danish manufactur- 
ing Industry appears to have 
performed relatively well over 
the past decade. 

Measured in volume terms, 
exports of manufactures 
increased shares of total mar- 
kets by about 30 per cent 
between 1975 and 1984, accor- 
ding to a finance ministry analy- 
sis. but the market share slip- 
ped slightly in 1985-86. Mea- 
sured in current price value 
terms, exports have performed 
considerably better than the 
average European OECD coun- 
tries. and the improvement con- 
tinued in 1935-86. 

Only once in the past three 
decades, in 1983. has there been 
a surplus on merchandise trade, 
but the services balance is 
always in surplus, owing to sub- 
stantial net shipping income 
and, since 1973. a net positive 
income from the EEC, for which 
transfers under the Common 
Agricultural Policy exceed con- 
tributions to administration and 
other items. 

By far the largest deficit item 
today is net interest and 
dividend payments, which came 
to Kr 27.8bn. about 4 per cent of 
GDP. 

The net foreign debt totalled 
Kr 262bn at the end of 1936. or 
39.5 per cent of 1986 GDP. Oi 
this. Kr ITObn is government 
debt, built up partly to finance 
the current account deficit in 
the oil shock years, and subse- 
quently on the basis of the argu- 
ment that as the Government 
can get better terms than the 
corporate sector, it is cheaper to 
finance the deficit this way. 

The most recent export 
figures are discouraging. 
Exports in 1988 fell by 4.4 per 
cent to Kr 17L6bn, but in the 
final four months they were 6.9 


Expensive lifestyle 


Continued from page 2 
have increased sharply, and 
inflation is lower. 

The prime minister hopes and 
expects that the coalition will 
continue until the autumn 
before holding the next elec- 
tion. 

“I believe all four parlies in 
the coalition will go into the 
election together to ask for a 
renewed mandate,” he said. 

Mr Schliiter's bitterest critics 
agree that he has shown remark- 
able skill in holding the coali- 
tion together for 4V4 years. How 
has he done it? 

'* We began well in the 
autumn of 1982 and laid a sound 
foundation and found the right 
style. Our association has gone 
astonishingly well, even if there 
have been rows now and then.” 


He has steered his own Con- 
servative Party firmly into the 
centre position in Danish poli- 
tics— "just right of centre" — 
and is encouraged by opinion 
surveys indicating that 34 per 
cent of those under the age of 30 
support the party, which 
encourages him to think ahead: 

“ Who says the Social Demo- 
crats have to be the biggest 
party in 10 years time *' (in the 
1984 election the Social Demo- 
crats obtained 31.6 per cent of 
the votes and the Conservative, 
the next biggest party, 23.4 per 
cent). 

" If we— the coalition— win to 
form a third administration 
since 1982 it will be historic," he 
said, referring to the Social 
Democratic dominance in Dan- 
ish politics from 1330 to 1982. 


CIMABREX, 

PHARMACEUTICAL FACTORIES LTD 

18, Industrivaenget, P.0. Box 64 
DK-4622 Havdrup - Denmark 
Telephone +45 2 385575/74 
Telex 43193 Cibrex dk 
Telefax +45 2 386860 


Troubled times 
for defence 




per cent lower than in the same 
period in 1985. In January 
exports were 15 per cent lower 
than in the same month last 
year. 

Exports of manufactures 
increased by 0.7 per cent to Kr 
115.9bn in 1986. but in the final 
four months of the year they ) 
were 3.9 per cent lower than a 
year earlier. Fourth quarter | 
new export order values for 
manufacturing were 10 per cent i 
lower than in 1985. which also ; 
points the wrong way. i 

Manufactures account for i 
about 67 per cent of Denmark's : 
exports. { 

The main export manufac- 
tures are machinery and instru- 
ments, Kr 40-5bn. 

The share of manufacturing 
exports in the total increased 
rapidly between about 2950 and 
1972. but has stabilised since 
then, which is a reflection of the 
support which agriculture has 
received from the CAP. Over the 
next few years, as the EEC 
endeavours to eliminate sur- 
plus farm production and 
reduces agricultural support 
programmes, this relatively 
heavy dependence on agricultu- 
ral exports may prove to be a 
serious disadvantage for 
Denmark. 

The geographic distribution 
of Danish exports is naturally 
enough, dominated by ita neigh- 
bours land the distribution of 
imports does not differ 
radically from it). 

The EEC accounts fbr about 44 
and Efta for 24 per cent, with the 
three Nordic Ella members 
accounting for 21 per cent West 
Germany, Britain and Sweden, 
in that order, are the three big- 
gest markets, followed by the 
US and Norway. 

japan accounts for just over 3 
per cent of total exports, a share 
which has doubled over the past 
decade, although the Japanese 
share of imports is 4 per cent, 
leaving a substantial trade 
deficit. 


THE CONDUCT of foreign and 
defence policy under the pre- 
sent Government has been 
bedevilled by the confused con- 
ditions prevailing in the present 
Folketing Parliament The 
coalition has had to accept a 
series of defeats on foreign 
policy issues by a left-centre 
majority, which Prime Minister 
Poul Schluter has accepted 
rather than risk losing the coali- 
tion's grip on domestic policies. 

The most dramatic situation 
arose in February of last year, 
when the Social Democrats 
allied themselves with tbe radi- 
cal Liberals, the Socialist 
People's Party and the Left 
Socialists to prevent the Gov- 
ernment from agreeing to the 
EEC reform package— the Euro- 
pean single act 

prime Minister ScfalQter, 
however, trumped their par- 
liamentary manoeuvres by call- 
ing a consultative referendum, 
in which the reforms were 
accepted by a substantial 
majority, "one of the most 
important events in contempor- 
ary Danish history," according 
to the Prime Minister, who 
thinks that a negative vote 
would have put a question mark 
a gains t Denmark's fiiture 

membership of the EEC. 

The basic elements in Danish 
foreign policy since 1949, when 
Denmark joined Nato, have 
been supported in consensus by 
the Social Democrats and the 
present coalition parties, ensur- 
ing broad support 

Since the Social Democrats 
went into opposition in 1982, the 
consensus has been damaged, 
though not quite destroyed. 

The trouble arose when the 
Social Democrats began to set 
some serious question marks 
against Nato’s nuclear strategy, 
especially the deployment of 
intermediate range nuclear 
forces in Europe— the Pershing/ 
Cruise missiles issue— which 
they had unwillingly supported 
when in office Using the centre- 
left majority, they forced the 
Government to oppose deploy- 
ment and to withhold 
Denmark’s contributions to the 
Nato infrastructure budget for 
the amount due to cover tbe 
missile programme. 

None of the missiles was to be 
deployed in Denmark. 

The left-centre parties have 
also forced the Government to 
oppose President Reagan's SDI 
programme, including SDI 
research as such. 



Defence minister Han* Engefl 
wants an Increase of Kr 800 m in 
the defence budget 

Another persistent bone of 
contention is the Social Demo- 
cratic support for a treaty- 
guaranteed N ordic nuclea r-free 
zone, a plan which is in poten- 
tial conflict with Nato's nuclear 
strategy, and a Nato "no first- 
use" commitment 

In adopting Nato-critical poli- 
cies, the Social Democrats,, who 
took Denmark into Nato in 1949 
and continue to support Nato 
membership, have aligned 
themselves with two parties, the 
Socialist People's Party and the 
left Socialists, which are against 
Nato membership, and the radi- 
cals, who are pacifists, v 

The next test of the consensus 
will arise over the' medium-term 
defence budget fbr 1988-92, on 
which there has to be agree- 
ment this year. 

The T>anisb defence effort is 
so weak, especially because to 
little is spent on materials and 
equipment and so much' on- 
wages and salaries, that 
Denmark's Nato allies, -Usd' 1 by 
the British Government, have 
openly warned the Danes that 
their commitments to reinforce 
Denmark in case of aggression 
are under consideration— bat 
the commitments remain ; in 
place so Gar. 

Defence Minister Hans Engel) 
(Conservative) wants ! an 
increase of Kr 800m a year, in 
constant prices, in the defence 
budget, which in 1987 is Kr - 
l&9bn,. about 2.1 per cent of gdp. 
The Social Democratic leader, 
former prime minister Anker 
Jorgensen, says his party cannot 
agree to any increase, other 
than compensation for inflation. 

The Nato allies will be Watch- 
ing the outcome of the budget 
negotiations with deep concern. 



SHORTENS 
THE DISTANCE 
BETWEEN YOU 
AND DENMARK 

JYSKE BANK, 

Licensed Deposit Taker, 
Jutland House, 

1 19-120 Chancery lane, 
London, WC2A 1HU, 
Telephone: 01-831 2778 
Telex: 266093 
Telefax: 01-405 2257 









17 


& \ • 




Financial Times Friday March 20 1987 


JrP-iJ ] cy i> 


DENMARK 3 



Banking 



Industry 


Setback on bond yields 


V- gsf?* 

: V2«S 


*5?, - 


.£Sst 


PA RISH FINANCIAL markets 
underwent a gradual process of 
deregulation over a period of 
two decades. The process was 
completed in 1983-85 with the 
_ l ifting of the remaining restric- 
tions. on inward and outward 
indirect investment 

- At .the same time, in the 
domestic market ~ quantitative 
regulation has been, dropped 
and n replaced by. market-based 
. controls. More particularly, in 
1885 restrictions on bank len- 

- ding were replaced by a system 
of placement requirements with 

. the National (central) P wp fr as a 
means 1 of controlling deposit 
growth. 

4 . The changes have had impor- 
tant effects on both the monet- 
ary policy options open to the 
authorities and on the financial 
institutions, which are exposed 
to a more competitive climate — 
■ and the competition will harden 
as the EEC removes the barriers 
1 to competition in financial ser- 
' vices:: 

Under the regime of semi- 
fixed exchange rate, through 

membership of the European 
Monetary System, and liberal 



confidence in the economy was 
restored by the coalition Gov* 
eminent in 1883, the money sup- 
ply increased by 25 per cent that 
year, and rose by 17 per cent 
and IS per cent respectively in 
the next two years, but slowed to 
8.5 per cent between December 
1985 and the end or last year, 
mainly because of speculative 
currency outflows. 

The integration of Denmark 
Into the international financial 
markets should in theory bring 
about a convergence between 
Danish and intematonal 
Interest rates, bat the existence 
of an inflation gap between 
West Germany and Denmark, 
exacerbated more recently by 
the market's concern that the 
current exchange rate may be 
unsustainable, has led to a 
persistent interest rate gap 
between Danish and German 
bond yields, varying from five to 
almost 7 per cent Currently it is 
nearer the 7 per cent 

A factor putting downward 
pressure on bond prices this 
spring is the heavy unrealised 
losses suffered by the banks on 
their bond portfolios in 1986, 



onto the market in a loss-limita- 
tion process, as, if the losses 
rise, the minimum 8 per cent 
equity to deposits and guaran- 
tees ratio can come under press- 
ure in some b anks . 

The bond market, with out- 
standing bonds worth, 
nominally, over Kc l, 000 bo and 
turnover of Kr 4,000b n, is 
extremely large, about two- 
thirds the size of the Eurobond 
market It is also highly liquid. 

Almost two thirds of outstan- 
ding bonds are mortgage bonds, 
which are fixed interest annuity, 
loans- As this type of loan is not 
widely known in other bond 
markets, foreign investor 
interest has been modest Most 
of the Kr 47bn bonds held 
abroad are in government 
bonds, which are the more 
famili ar serial loans. 

In the banking sector, the 
more competitive climate has 
not led to any great structural 
changes, but there is a higher 
degree of differentiation in the 
performance of the banks, 
which could have structural 
consequences in future. 

In the eternal battle between 
Handelsbank and 


DansfcB Bank 
C openhagan Haadobbank 

Pitwrthantoo 

SPS ~ 

PiovtoshanHan 

AndaWwak 

Bttufaan 

JysKa Bank 

Swwe: Bocraens wfr<**nag«to 


total 

Krpe) 

132.1 

108.4 

95.5 

73.4 

60.6 

52.5 
52.1 
45.0 


Net profit aaa 
Not profit mtum on equity 
1986 amaga between 
Kr(m> 1982-86 


Krone squeezes margins 


not by so much that the posi- 
tions cannot be reversed again 
within a year or two. 

There are eight Eo reign banks 
with subsidiaries in 
Copenhagen, one less than a 
year ago. Bank America closed 
its Copenhagen bank, saying 
that the loan business it came 
here to carry out in the mid- 
1970s bad been undermined by 
the securitisation craze. 

Last year was both a good and 
a bad one for the banks, which 
generally did well on their 
ordinary banking business, but 
made big losses on the bond and 
share portfolios. . 

The banks are hoping that the 
unique Danish system of enter- 


good years— will be changed 
when bank accounting proce- 
dures converge under EEC har- 
monisation proposals. 

Danish financial markets are 
compartmentalised. There has 
been much discussion about a 
process of de-compartmen- 
talisation, but so Ear only one 
significant development has 
emerged. The three largest 
insurance companies, Baltics, 
Hafnia and Topsikring, set up 
holding companies, and the hol- 
ding companies have spawned 
banks, which so far specialise in 
i nsurance-rela ted banking busi- 
ness. 

A variety of new services 
involving co-operation between 
the banks and insurance com- 


DANISH INDUSTRY has shown 1 
over the past four years that it a 
has plenty of bounce. Manu- 
facturing output increased ga i 

quarter between 1982 and 1986, 
Investment by 79 per cent, 
employment by about 13 per 
cent and exports by 41 per cent, 
according to the Federation of 
Danish Industries. Over this 
particular period it even out- 
performed Japan. . 

The recovery was needed: in 
the period from 1977 to 1982 
output barely changed, invest- 
ment declined and profitability 
collapsed, touching a low point 
in 1980, when pre-tax returns on 
sales were only 2.9 per cent. 

By 1984, the return on sales 
was back to 6.5 per cent, easing 
to 5.8 per cent in 1985 and prob- 
ably to 4Vfe-5 per cent last year. 
Return on equity increased 
from about 11 per cent in 1980 to 
24 per cent in 1984-85. but prob- 
ably slipped to about 21-22 pfer 
cent last year, according to pre- 
liminary estimates by the 
finance institute for industries 
and crafts. 

The boom, however, is now 
over and manufacturing indus- 
try faces a downturn. There will 
be tittle or no increase in 
domestic demand this year and 
export demand is inhibited by 
the strength of the krone, which 
is squeezing margins in four out 
of the five biggest export mar- 


kets, Sweden, the UK, Norway, 
and the US. 

Only in the German, Dutch 
and Japanese markets have 

exchange rate changes helped 
the Danes. The Mention has 
forecast an increase of only one 
per cent in manufacturing out- 
put in 1987. . 

* The structure of manufactur- 
ing, measured by sales, has not 
changed much over the past 
decade. The metal goods and 
machinery industry accounts 
fbr about 28 per cent, food pro- 
cessing for 32 per cent and 
chemicals for 16 per cen*- 
The most rapid growth since 
1980-81 took place in wood pro- 
ducts and furniture, 42 per cent 
chemicals, 35 per cent; and 
goods and machine ry 30 
per cent, where the electro- 
technical sector, with an 
increase of 33 per cent, and 
instruments, 40 per cent, were 

especially buoyant. 

The zip in the furniture and 


electronic and instrument 
industries illustrates a typical 
feature of Danish industry. 

These sectors are dominated by 
small companies, often owned 
by one person or a family, and 
the majority of them sited in 
Jutland, where over the past 
decade Industrial growth has 
heen most rapid and where the 
entrepreneurial spirit is espe- 
cially evident 

They owe much to a long tradi- 
tion of good labour training and 
craftsmanship, and while the 
furniture industry is not usually 
counted as high-tech, its equip- 
ment is as high-tech as it comes. 

The furniture industry, which 
accounts for about five per cent 
of industrial sales, owes the 
recent boom to the appreciation 
of the dollar from 1981 to 1985, 
when sales to the US soared. It 
now faces recession. 

There are few large com- 
panies in manufacturing, only 
Continued on page 4 


A-P-M0LLER 


REUTERS is now even better 
equipped to serve the financial 
markets in Denmark. 

On January 1st 1987. our office In Denmark became 
Reuters Danmark A/S, amember of the Reuter group 
of companies. 

For our2S0 local clients, we will be offering in-house 
technical support for optimum field servicejtfus ad- 
dHonal after sales support staff as part of the Reuter 
team m Denmark. 

Reuters, the tearing information vendor to tea 
world’s financial community. pnwWeacompreh^ 
sive coverage of the International markete 
Exchange, Money, Bonds, Equities, OO. Shipping 
end Commodities. Real-time prices) are avsriabteon 
the Reuter Monitor from the Copenhagen Stock ex- 
change and the Danish domestic bond mancet. 

For further information, contact Tim Dennis or Linda 
tMaen - Reuters Danmark A/S 

Uederstraxte 22-24. DK-1 201 Copenhagen K 

Tel. 01-1321 42 



tem, and the monopoly to trade 
on the stock exchange held by 27 
stockhroking firms will be 
ended. , 

From this year onward, 
stockbroking has to be carried 
ont by a limited company, and 
anyone meeting the minimum, 
Kr 5m, equity requirement and 
able to satisfy the authorities 
that it has the requisite manage- 
rial skill and experience can 
pwin admission to trade. 

The result of this is that the 
b«niw and- other big financial 
institutions have set np broking 
companies. This has altered the 


Dig Dang- It Win auui ni— »• 
centralised dealing, in the stock 
exchange only, and with a 
limited number of papers, in 
June this year. 

Decentralised dealing, from 
screens outside the stock 
exchange, will begin in 1988, 
when the number of papers in 
the system will also be 
expanded as experience is 
gatoed. _ 

A first consequence or the 
new dealing system will be that 
most bond trading, of which 
only 2 or 3 per cent under the 
present system actually takes 


DEPARTURES 

DESTINATION 


SyatcKKU mutiLk* w*v — 

known with any certainly is the 
price at which trades are made. 

‘ The Danes abolished physical 

bond papers in 1983, when the 
much-admired all-electronic 
securities registration centre 
was inaugurated. 

The reformed bourse will be a 
big improvement on the existing 
system, but its introduction has 
been delayed by disagwnents 
between the old stockbroker 
community and the banks. This 
meant that the system asitwUl 
now function was Imposed on 
the squabbling parties by the 

Ministry for Industry. 

A consequence of the delay is 
that Copenhagen is in danger or 
seeing a market In options and 
futures in Danish bonds opened 



On the seven seas - 
under the , 
seven pointed star 


1 ao 

J 1986 J 87 


by stockbrokers in London. 
However, the shock of theLen- 
don initiative has concentrated 
the minds of the Danish finan- 
cial community, which hopes it 
can avert this insult to its pres- 
tige by establishing an options 
market shortly. 

The Copenhagen share mar- 
ket performed disma l ly last 
year, with prices off by some 25 
per cent, but this year began 
with a recovery. 



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Financial Times Friday March 20 W87 


DENMARK 4 


Agriculture 

Twin challenges lie ahead 

_ ..... n .. frKav iMinnnt for 85 ner cent a 


Profile 

Maersk 


DENMARK WAS the only con- 
tinental country not to protect 
its farmers in the 1870s, when 
corn from the US began to flood 
across the Atlantic, the free 
trade regime spurred its far- 
mers to develop one of Europe s 
biggest and most_ efficient 
agricultural export industries, 
famous, especially, as the sup- 
plier of bacon, eggs and butter 
to the British market. 


The farm industry survived 
the great depression of tne 
1930s and exclusion from foe 
markets of the six original EEL 
Members in the 1960s and 

remains a major economic fac- 
tor and export earner . But Dan- 
ish agriculture is now facing its 

toughest challenge in this cent- 
ury" says Mr H. 0. A. Kjeldsen, 
who besides being the president 
of the agricultural council 
(umbrella organisation for the 
Danish farmer organisations! is 
also the current president of 
COPA. the European farmers 

° I ttTiB S a ti twin challenge--from 
the need to reform the EEC’s 
Common Agricultural Policy 
and from radical measures 
which are being taken in 
Denmark itself to curb water 
pollution from agricultural 
land. 


for both production and ear- 
nings in agriculture. 

As it affects the farmers, the 
Government’s three-year plan 
(which will be completed this 
spring) to reduce pollution of 
Danish coastal waters by nit- 
rogenous products and .phos- 
phates require 8 heavy, invest- 
ments in storage fccffiues fbr 
liquid manure, so that it does 
not leak into stream and rivers 
and can be spread on fields at 
times when plant growth will 
absorb the nitrogen. 

The plan also imposes restric- 
tions on fertiliser use. If the use 
of artificial Fertilisers is not 
reduced from about 400.000 to£ 

^ a year to 300,000 tonnes^ 

1989 and 250,000 tonnes by 1990, 
taxes, doubling the present cost 
of fertilisers, will be imposed, 
the Folketing’s left-centre 
..green" majority has deman- 
ded against the advice of the 
minority coalition government 


5m tonnes of milk, 1.8m tonnes 
of pigment and 250,000 tonnes of 
beef and veal a year, as well as 
almost 8m tonnes of cereals, and 
15m. tonnes of sugar beet 
Total production has 
increased by more than 40 per 
cent since Denmark joined the 
EEC, with arable production 
doubling and livestock produc- 
tion increasing by about 27 per 
cent The total man-years going 
into this production have fallen 
by 40 per cent over the same 
period. 

Pigmeat, Kr ll.Obn. cheese, Kr 

18bn, butter, Kr L4bn, canned 
meat, Kr 4.7bn, and powdered 

V. 1 hi O PVnfirt 


Ul«k, IU -X.IUU, . 

wilk, Kr L7bn, are big export 
it-pmu nlus mink oelts worth Kr 


Mr Kjeldsen accepts foe 
necessity for adjustments to the 
CAP but considers that the 
price and other proposals 
tabLed by the EEC Commission 

are too drastic. Be ah* °*i® yS vi?r 
it is essential that the EEC 
obtains agreement from other 
major agricultural exporting 
nations to reform the subsidy 
policies which are contributing 
to the food surplus. 

The fact that the Folketing 
(Parliament) has found this an 
opportune time to impose 
severe environmental restric- 
tions on agriculture has added 
to the demoralisation of the far- 
ming community. However 
desirable for the community at 
large, the measures proposed 
will have serious consequences 


The fanners are also being 
called upon to adopt a “green 
fields" policy for sowing pass 
in the autumn to prevent the 
wash-out of nitrogen wastes 
from fields left implanted 
through the winter. 

The 145,000 people, about 6 
per cent of the labour force, in 
agriculture produce enough 
food to feed three times the 5.1m 
population of Denmark. This 
makes them one of the biggest 
agricultural exporters in 

E It°is*particularly notable that 
about haLf the agricultural 
exports, including CAP export 
restitutions, go to third, non- 
EEC countries, and that export 
restitutions account for about 20 
per cent of the value or these 
third country exports. About 80 
per cent of the EEC's third coun- 
try pigmeat exports are from 
Denmark. When, or if. the EEC 
brings prices closer to world 
market prices, the Danish far- 
mers will suffer severe pro- 
fitability problems in third 
markets. , . , 

The farmers produce about 


items, plus mink pelts worth Kr 
3.0bn. 

The largest of the third coon-' 
try markets include the US, 
where canned pigmeat exports 
were worth Kr 2bn and cheese 
exports Kr 300m last year, 
Japan, which buys pigmeat for 
Kr 3bn, and the Middle East 
markets, which are important 
for powdered milk and cheese — 
Iran, which buys 70,000 tonnes 
of cheese for Kr 480m, is the 
second biggest market for 
cheese after West Germany. 

Id Europe, Germany is the big- 
get market for agricultural 
exports in 1986, followed by the 
UK. While pigmeat weighs most 
heavily in exports to the UK, 
half the exports to Germany are 
of arable products, including 
corn and seed. 


After a crisis between 1979 
and 1982, when soaring interest 
rates, falling property values 
and inadequate product prices 
caused 5.500 foreclosures m a 
five-year period, or more than 
in the early 1930s, farm incomes 
recovered in 1983-85. But farm 
family incomes on farms worked 
on a full-time basis fell by 13 per 
cent in 1988 and in 1987 are 
expected to decline by about Kr 

15.000 to Kr 130,000. according to 
the Ministry of Agriculture. 

The number of holdings 
worked full-time has fallen from 

56.000 in 1979 to 42,500 in 1986, 


They account far 85 per centot 
output, the remaining 53,000 
holdings for 25 per cent 
The agriculture sector is look- 
ing for ways to brace itself 
against the coming shocks. 
Minister of Agriculture Bntta 
Sc hall HoLberg and agricultural 
leaders have worted ont a 
strategy plan, which includes 
the investment of a substantial 
sum for the development of 
more highly processed faodpro- 
ducts, with a higher value 

8 According to Mr 
however, there is so nra« 
uncertainty in the industry that 
the strategy plan is not finding 

W ?b?r?is’also a lively interest 
. in the development of niche 
' products, ranging from deer 

: farms to worm farms (worms are 
! small machines for converting 

1 almost any organic substance to 

1 compost). One farmer took the 
l EEC payments for stoppm*? 

\ dairy production and flinushed 
1 toe cowshed with tubs in which 
" he now breeds eels. 

5 But the words of warning corn- 

ling to the farmers from their 
r expert advisers are laden with 
. gloom, and the farmers are get- 
, ring the message. As a JuUand 
J farmer told a conferenpeon the 
+ future of agriculture at the end 
f of February, about 700 farmers 
" a month are joining the special 
® unemployment insurance sys- 

6 tem for the self-employed, 
where a total of 20.000 farmers 

9 are now enrolled. 

it A farmer who came to this 

s conference to hear the words of 

is wisdom from Mrs SchaU Hoi; 
a berg herself. Denmark s EEC 
n budget commissioner Henmng 
*s Christophersen. Mr J J eld sen 
m and others, caught the mood of 
d the proceedings when he com- 
er mented to the conference that 
■e all that was left for him now was 
[r to go home and plan his bank- 
to ruptcy- The agricultural 
economists suspect that he will 
es be joined by several thousand 
m farmers over the next three or 
16, four years. 


Benefits 
for a fast 


learner 


Industry margins squeezed by Krone 


Continued from page 3 


about 90 with more than 500 
employees and only a handful 
with more than 2,000 and only 
two with over 5,000. The flagship 
companies include Novo, for 
enzymes and pharmaceuticals; 
Danfoss, far temperature con- 
trol equipment, hydraulics and 
electrical drives; Lego, for toy 
building sets; Grundfoss in 
pumps; the big meat processing 
companies, led by Tubp; 
Breweries, known forCarlsberg 
and Tuborg; Dansk Sukkerfab- 


rikker. Skandinavisk Tobacco; 
Superfos, for fertilisers, packag- 
ing and building insulation 
materials; and F. L. Smidth, a 
diversified manufacturing con- 
glomerate with the design and 
manufacture of cement mills as 
its core speciality. 

Manufacturing's share of total 
output has remained stable at 
around 19-20 per cent since the 
1950s, but its share of exports 
has increased from 24 per cent 
in 1950 to about 67 per cent last 


LAW OFFICES OF 

HOLM-NIELSEN & PLESNER 


DANISH LAW 
EEC LAW 

INTERNATIONAL FINANCE 


44/45 Chancery Lane 
London WC2A 1JB 
TeL: 01-4U5 9586 


Resident Partner 
PerTroen 


year. As the outlook far 
agricultural exports is bleak, 
manufacturing will have to 
carry the main burden of 
sustaining export growth. 

The present Government has 
attached importance to 
encouraging structural adjust- 
ment, but its tax policies, as 
they affect industry, have had 
an adverse effect. 

The Government has stepped 
up training programmes to help 
increase the supply of labour m 
sectors where there are bot- 
tlenecks. It has boosted export 
promotion budgets and it is 
implementing a four-year plan 
to increase research and 
development expenditure 
In most international com- 
parisons. Denmark comes out as 
spending relatively little on R at 
D, only about 1.2 per cent of the 
GDP, but a detailed study by the 
federation suggests that the 
situation is not quite what it 
seems. Small Danish com- 
panies, and most of them are 
small, spend much more on R & 
D than similar companies m 
other industrial countries, 
where the great bulk of the R & 



D expenditure takes place in 
companies with over 5,000 
employees. 

Corporate profits tax has gone 
np from 40 to 50 per cent 
Payroll taxes (employer’s social 
security contributions) have 
doubled, and the deduction for 
entertainment expenditure cut 
from 100 to 25 per cent (this 
alone cost industry Kr 300m a 
year in extra taxes, just about 
equal to the Kr L4bn increase in 
government research expendi- 1 
ture 1986-1990). 

The wealth tax, doubled from 
1.1 to 2.2 per cent in 1980, is 
another bugbear. It means, that 
business success can actually 
become ruinous. 

Until February this year, any- 
one heading for foe wealth tax 
trap could — and many did — 
emigrate before realising his 
fortune in shares, but in Febru- 
ary a new rule was introduced 
which means that anyone who 
emigrates is liable to pay all foe 
taxes which he would have had 
to pay if he had stayed in 
Denmark, a rule which was 
unkindly referred to by one of 
the country’s leading economic 
i commentators as a financial 
1 Berlin wall. 


THE FLEET operated by foe A. 

p Holler (Nordic) companies, 
under the Maersk name fatter 
Mr Maersk McKinney Moller, 
head of the Moller bimness 
and son of foe founder, Arnold 
Peter Moller), is not qnne 
synonymous with foe Danish 
fleet, although at six 
dwt it is almost as lar&e m the 
fleet under foe Danifo flag, 

It generates roughly W per 
cent of Danish gross shipping 

^Maersk operates *“£}*“** 8 

every type of shipping. 
of 130 vessels includes a 4 mil- 
lion dwt tanker fleet as well as 
product carriers, 
container vessels, 30 offitoore 
drilling units, supply ships- 
tags, barges and anchor-band- 

^ ^Maersk has successfully 
foe treacherous 
shipping market of foe past 
decade to come ont financially 
unscathed (foe 19*6 results 
have not been published yet) 
and with a larger fleet 
Expansion has taken place 
especially in liner trade. 
Maersk was a late starter • fo 
containerisation, but a cast 

learner. It now has a con- 
tainerisation capacity of about 
60,000 tne (twenty foot unit 
equivalents) making it the 
world’s number three. 

Maersk operates scheduled 
liner services on nine routes, 
US-Far East, US-Middle East, 
Europe-Far East, Far East- 
Middle East, US-West Africa, 
Europe-Middle East, Europe- 
West Africa and Japan-indone- 
sia-T hailand. It leaves foe 
North Atlantic traffic to 

others. , 

Maersk operates on fixed 
schedules and sets store by a 
high standard of personalised 
customer service, sometimes 
earning it foe descriptio by 
competitors as foe Rolls Boyce 

of foe liner business. 

The liner services are served 
by a fleet of feeder vessels, 
either owned or operated by 
Maersk. which has its own 
offices and representative in 4« 
countries. In foe most recent 
years It has expanded particu- 
larly rapidly In Europe, both 
through foe development of 
f feeder services to foe major 
. basis ports and also with UK- 
’ Continental services operated 
! under the auspices of foe 
t Maersk Company Ltd in 
London. . ^ , 

The AJ*. Moller associated 
. companies do not consolidate 
I their accounts into a group 
’ account, so foe total turnover 
5 is not known, but, with 25.8M 
’ people employed world wide, it 
is Denmark’s largest business 
" by almost any definition. In 
_ addition to its shipping activi- 
' ties, Moller owns foe Odense 
l shipyard. Hie MaenkAir ^ 
4 line, is a partner (with Shell 
o and Texaco) in Danish under- 
„ ground consortium, which pro- 
H duces oil and gas in foe Danish 

- sector of foe North Sea, and 
owns five manufa ct uring com- 
^ ponies in Denmark as well as 
c joint owner of one of the c onn- 
j try’s biggest supermarket 
chains. 



c0 te Jal 

ftinid 

■ • IB 

**- 

!■ '■ * 


t-fi. ..... 

rf p n \u •■**** 




A Norfo S« fany w - 

shipping groups In Denmark 


- 1^- ,v ‘ • -s 


Shipping and shipbuilding 




Switch 




.•i- ^ 


DANISH SHIPPING has, come 
through foe past decade in bet- 
ter shape than many of its com- 
petitors, and Danish shipbuil- 
ding has survived, but only alter 
a last-minute rescue action by 
foe Government last year. 

The merchant fleet at foe end 
of last year totalled 6J)m dwt, 
compared with 7.3 th dwt in 1976. 
The number of vessels has fal- 
len from 917 to 564, however. 
The tonnage stability and 
decline in numbers is foe result 
of increasing specialisation, 
said Mr Knud Pontoppuian, 
managing director of the Ship- 
owners Association, especially 
foe complete containerisation 
of foe liner fleet, which ranks 
seventh in the world, ana foe 
development of a substantial 


fleet of large product tankers. 

There has been a gradual 
increase In flag transfers, with 
about 100 Danish-owned vessels 
sailing under other flags today, 
“ but nothing dramatic,’* said Mr 
Pontoppidan. , _ 

Denmark’s gross shipping 
income declined from Kr 24bn 
(S3-4bn) in 1985 to Kr IBRbn in 
1986, most of the decline being 
explained by foe 25 per ce nt 
appreciation of _ the krone 
against the dollar in 1988- 

»w» . TViTiieh chin- 


ment or spare parts . 

approved by foe Mhtistty o! f 
tice, and which will ban all ship- 
ment of these cargoes to coun- 
JriS Svolved in hostilities or 

with a high risk of becoming 

^A^foelegislation stands after 
the first reading, the shipown- 
ers* association says tt 
sweeping that it wUl Ptwept 
Danish liner vessels from 
obtaining business in competi- 
tion with ships whose ownera do 
not have to ask first before 
accepting a container carrying, 

for example, umforms or jeep& 

, Danish tramp freighters will be 
unable to obtain charters in 
: competition with ships not sub- 
f jected to restrictions, says foe 
i, association. . . 

The final version or foe 
L legislation, will emerge later 
1 foi* spring. If it is not re- 
i phrased in more moderate 
terms, the shipowners say the 

; 

Danish fleet, including its liner 

[ business, which accounts for 
i about 65 per cent of shipping 

; earnings. • • • - • 


Danish shipyards have.. not 
normally received any. direct 
subsidies, but they have been 
indirectly subsidised through a : 

Kn nhillh ' Iwliolrilfali 


UIUUVVMJ -1 w " 

system by. which individuals 
could reduce income^ tax fay 
investing a~ sum dh- a folp on a - 
partnership basis-rWifo fall 
liability. Full depreciation of 30 
per cent , a- year . .could be 
«-iaimpd from the: first year of 
investment. . 


Otto 


The. system yma stopped by 
legislation passed in December = 
1984. From then and 
September 108% foe Danish 
yards received no orderaFsBced ' 
with the imminent closure of all 
foe Danish yards. the Folketing 
relented -and restored, for a 
limited period and in modified 
farm; the old system. . 


•i*f rst-v 




.d : T*T.. , 


■ Four major yards have, sur- 
vived wwtil now: foe A. P. MollCr 
raid at Odense, foe Burmeister 
& Wain yard in Copenhagen; the 
Lantifzen group’s Aalborg, and 
Frederikshavn yards. East Asia- 
tic Company's Nakskov yard fa 
c losing and Lauritsen*s Elsi- 
nore yard has gone. 


■ " - s * \ • 




“T-7 ’ 'r? 

i!b -• 


' • ■ V *■ 

■ ■ V * -V 


dgCLUiOt Mil. — — — — — 

The big three in Danish ship- 
ping are foe A. P. Moller (Nordic 


/O) companies, foe East Asiatic 
Company, which op erates 


LOmpUUJ, wiuvu r ,.7.iT 

through Scandutch (with Wilh. 
Wilhelmsen, Norway, and John- 
son, Sweden) as well as on its 
own in the Pacific, and foe 
Lauritoen group, which oper- 
ates one of foe world’s biggest 
refrigerated cargo fleets and is 
i parent company to DFDS, which 
is a big power in foe North Sea 
for both passengers and freight. 

The spotlight has focused 
recently on foe fleet of about 
300 tramp freighters, some of 
which have been involved in 
carrying arms to Iran from 
Israel and other places. 

The Iran involvement, 
exposed by the pro-Arab, left- 
wing dominated Danish sea- 
men’s union, has caused foe 
opposition Social Democratic 
Party, with foe backing of foe 
left-centre majority in foe 
Folketing, to introduce legisla- 
tion which will require all 
involvement ” of Danish ships 
in foe shipment of arms, 
ammunition, milit a r y equip- 


Denmark Is a jewel of a snazket.- But there 
are traps for the unwary. . . 

Our professionally qualified staff have a v 
full range of skills and experience to help you 
to make the most of your Danish business ♦ 

opportunities. V " v : ~ ^ 

Why not contact us and see what We : -f 
can do for you. v:‘ 


z 

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^ Wday March 20 X9S7 




5 * 4 , 

Sot**; : 
23 ®;; 

% 

7 «V2 . 

**ai?S - 


INTERNATIONAL COMPANIES and FINANCE 

Canute James explains Prime Minister Robinson’s plans to divest loss-making state-owned enterprises 

rimdad aims for privatisation and foreign involvement 


m.S\ 
2*\S . . 

A 



TBBtlDA D and Tobago’s new 
Govmuuent, elected late last 
y*ar. Is to begin efforts soon to 
dtveA several major state eco- 
nomic enterprises. The move 
is part of its policy to increase 
itedsn end local private busi- 
ness involvement in the eco- 
nomy, and to broaden the base 
at ownership. 

JBehind tim broad policy of 
Mr A. «. R, Robinson, the new 
FrimeMmuter. 

fundamental aim. Many state 
companies have been, imriw g 
nwoey. and hiving them off 
would ease, pressure on the 
budget by ending the need for 
large subsidies to the com- 
panies, and provide a significant 
cash injection. 

'.State enterprises Include 
Several petro-chemicai plantB, 
oil refineries, an airline, a 
sugar mill and refinery, a steel 
mill, banks and utilities such 
as electricity and telephones. 
Bat they will need to be more 
financially viable before they 
can be offered as credible in- 
■ vestments. Mr Robinson says 
there Is the need for most of 
them to be : “ r e str uctur ed." 

“ We will be carrying out a 


“afar review of all the state 
*** ***** M“*ter 
JJJH;. Those which produce 

PUbUe goods wm be retained. 

out those which are in competi- 
tion with the private sector wOl 
be divested.” 

Government «^di« u« i* Jr 
u^ikely that the new aOmiak 
attation will want to consider 
divesting gay part of the oil 
or natural gas industry, which 
nas been money, gw d 

on which 80 per cent of the 
economy rests. Utilities fall 
into the category of "public 
goods ” which will not be 
touched, but the spokesmen say 
Trinidad and Tobago Airways 
will seed several years of 
restructuring before it g«o be 
made attractive to private 
business. 

Although ft is known, that 
several state companies have 
recorded heavy losses in recent 
years, the Government says it 
has not been able to determine 
Just how much the deficits are. 

“We will make a serious 
effor t to broaden the scope of 
ownership of these enterprises,” 
Mr Robinson explained. “If 
ownership of these companies 
is spread over a wide range, it 
will end the secret society 


approach to their management 
and finances. With state owner- 
ship it meant effectively that 

one man -held all the in 

state enterprises with invest- 
ment of billions of dollars.” 

First efforts at divestment 
are likely to centre on a steel 
jbZQ and several new plants 
producing ammonia, w»Hi»iioi 
and urea, all located on an 
ambitious industrial estate in 
southern Trinidad. The estate, 
Mr Robinson said, cost $3.4bo 
to establish, and most of the 
plants have lost money. 

The Prime Minister argues 
that these can bo made viable 
and attr a ctive to private 
owners. “It is not that some 
of these projects could not 
make money, but it was through 
political interference and bad 
management that they have 
lost so much." 

The Iron and Steel Company 
of Trinidad and Tobago, the 
Prbne Minister said, had pro- 
jected a profit of $24m in 1888. 
but instead recorded a glOSm 
loss. A loss of $Slm the follow- 
ing year followed anticipated 
profit of 848m. 

Ironically, it was these losses 
which drove the previous gov- 


i: iS,. 


_ --r — 



'1 Jf 


•t •&-« 


Mr A, N. R. Robinson: “effort 
to broaden the scope of 
ownership” 

eminent to divest the manage- 
ment of the mill. Voest Alpine 
of Austria and Neue Hambur- 
ger Stahlwerke last year took 
over the operations of Iscot in a 


joint venture with the govern- 
ment The plant built at a cost 
of 8460m. has two direct reduc- 
tion units with a combined 
capacity of 900,000 tonnes per 
year, and rated annual oatjnie 
of 700,000 tonnes of billets and 
600,000 tonnes of wire rods. 

Government officials also sug- 
gest that the administration wiu 
consider its involvement in 
some joint ventures such as 
Trio gen, an ammonia plant, in 
which W. R. Grace of the US 
has a 49 per cent stake. Quot- 
ing what they said were “avail- 
able figures,” the officials skid 
the company lost 83.9m In 1983 
after projecting a profit of $4m. 
New owners are likely to be 
sought for the Governments 51 
per cent stake in a second 
ammonia plant which it owns 
with the Aznco Oil holding com- 
pany of Chicago, a subsidiary of 
Amoco. 

“Consideration will be given 
in due course to divesting the 
government’s financial and man- 
agerial involvement in these 
enterprises, including urea and 
methanol production, but this 
will, of course, take some time,” 
explained one official. 

"Not only are matters of 
valuation to be decided, but the 


new owners, particularly if they 
are foreign, will have to con- 
vince us that they will be good 
corporate citizens.” 

The state-owned urea plant 
was constructed by Snampro- 
getti of Italy, and has a rated 
capacity of 580,000 tonnes per 
year. Among other candidates 
for divestment are National 
Fisheries, which lost 88.3m in 
1985 and Trinidad and Tobago 
printing and packaging which 
lost 81.7m. 

But there are changes 
planned for Carom, tire sugar 
producer. Land under cane is 
to be sold off to help diversify 
agriculture and adjust sugar 
output to meet domestic 
demand. 

Officials say the company’s 
annual losses averaged 8100m, 
with the cost of production 
reaching $1,600 per tonne, 
about 10 times the world 
market price. 

“In cases where the govern- 
ment will still be involved, the 
divestment model which we 
intend to use in this process 
will have a tri-sectoral struc- 
ture, ” Mr Robinson explained. 
“It will involve the govern- 
ment, worker participation and 
private capital ” 




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Ottoman Bank bids farewell to traditional agricultural image 


BY DAW) BARCHARD IN ANKARA 


EVER¥ EVENING television 
-viewers la Turkey watch the 
naivety pinstriped figure of 
Mr Francois de Rancourt, gen- 
eral manager of the Ottoman 
Ba n k , reminding them that 
bank may not be Turkey's big- 
gest but it Is the. country's 
oldest and it Intends to go on 
putting its customers first, 

“ Our customers should get 
the same service as they do in 
Paris (ft London” says Mr de 
Rancourt, la the evocative 
office in the Galata Quarter of 
Istanbul which he has inherited 
from his 19th century prede- 
cessors. 

Popularity wife its caste- . 
mers kept the bank — once the 
central bank of the Ottoman 
Empire — alive during long de- 
cades after the First World War 
when most other foreign banks 
moved out of the country. 


Though the bank Is foreign- 
owned, with 500,000 shares 
quoted on the Paris and Lon- 
don stock exchanges, of which 
45 per cent belong to Paribas, 
the Ottoman Bank has been a 
part of the Turkish scene ter 
so long that it counts as a local 
bank. 

Mr de Rancourt, who worked 
with Citibank for 15 years and 
Is as much at home te English 
as he is in French, says: “The 
Ottoman Bank is unique in 
Turkey. It would take up a lot 
of people's time to alter its 
complex legal status. I think 
the Turks' consider it part of 
their heritage.”. 

The heritage has left the 
Ottoman Bank with a niche in 
the Turkish market enjoyed by 
none of the- foreign banks 
which have set up since 1980, 
but also with many tile prob- 


lems of other Turkish commer- 
cial 

The Ottoman Bank is among 
Turkeys top 20 banks with 90 
brandies (other foreign banks 
are limited to six) and a staff of 
1,700. It has a net worth of 
TL 17 J fan (822m) with a 
balance Sheet of TL 260bn, 
deposits of TL 171bn and a 
portfolio of TL lOffim. 

The turaround in interest 
rate poUcy in Turkey in the 
early 1980s hit it as badly as 
most Turkish commercial banks. 
It ran up problem loans of 
87.2m (811.4m) and eventually 
Paribas responded by sending 
in a team of corporate finance 
officers to sort things out The 
board ploughed earnings back 
Into the operation, increasing 
the capital . to the present 
TL 17.1bn. 


The portfolio problems have 
now mostly been resolved. The 
Ottoman Bank’s problem loans 
are down to TL 2i3bn which are 
all recoverable: and 1986 saw 
the bank return to the black 
with an operating profit of 
TL 13.7fcn and net profits of 
TL 6.8bn. 

Its ratio of net profits to risk 
assets rose from 0.4 per cent 
in 1985 to 6.3 per cent last 
year — a figure which suggests 
that the Ottoman Bank is 
moving out of the sluggish 
world of Turkish commercial 
.banks and into line with the 
smaller foreign banks which 
consistently enjoy high rates of 
return. 

Traditionally the Ottoman 
Bank serviced the marketing of 
TmkUh agricultural exports 
such as tobacco, cotton and figs 


from Izmir and Adana, where it 
miintaina its own warehouses, 
sometimes lending against 
goods. 

Latterly, however, it has 
begun to shift towards the mar- 
ket among multinational and 
local Industrial groups. The 
Ottoman Bank has an obvious 
advantage over most of the 
newer foreign banks in Turkey 
in its large deposit base. It is 
trying to match this with better 
services by investing heavily in 
trained staff. 

M People who have really 
dean balance sheets can make 
a lot of money In this market." 
says Mr de Rancourt Under 
him the Ottoman Bank has 
tried to give slightly cheaper 
rates to prime customers than 
other banks. Last year, the bank 
was offering tends at 56 per 


cent to its best corporation 
customers — which was about as 
cheap as any bank leading to 
industry. 

To prune its overheads, the 
bank monitors changes in the 
business life of Istanbul con- 
tinuously, shutting down 
branches in areas which it 
thinks are declining and replac- 
ing them with new ones in up- 
and-coming areas. “We are 
restructuring our branch net- 
work steadily,’* says Mr de 
Rancourt, “though I don't think 
there will be any overall reduc- 
tion in the numbers.” 

The aim seems to be a con- 
tinuous discreet upgrading of 
the bank until it takes advan- 
tage of its unique position to 
draw abreast with market 1 
leaders in both the foreign 
and the domestic segments of 
Turkey's banking world. 


New bull markets 
that will lead to 
another gold boom 

Events which drive markets into inflationary frenzies take about 
a decade to run their course, which is why to many players get 
lost fn the maze and abandon hope when they should be getting 
aggressive. Consider how many marginal farmers, miners, planters, 
drillers and loggers have recently been squeezed out of business 
through seven years of deflationary manoeuvring, and then think 
about the physical shortages which will soon be replacing widely- 
publicised gluts. For the next two yean we’ll see consumer-level 
manufacturers running to high-technology specialists for cost/ 
efficiency assistance, so that stocks such as computer-vision, Gould, 
Hams and IBM will appear to defy gravity. And along the way 
the new fortunes that will be made In underpriced grains and 
tropicals will be parlayed into technologies and metah. The public 
will road this build-up as a signal to start buying gold again, and 
for reasons that Indigo has been explaining, there won’t be that 
much of it around. We publish weekly “ discovery " reports which 
may help you sharpen your perceptions. Telephone, telex or return 
the coupon for complimentary copies. 

Sfy, Te,: 

- 34-52-389600: 

Indigo 

INVESTMENT SA. 

Avda, Palma de Mallorca 43, 

Torrcmolinas (Malaga) Spain. . ..... 

Gentlemen: Please begin sanding Complimentary copies of ’Dtecovery 
with its selections and projections in nnw-pnaeratlon growth arena. 


projections in naw-pnaeratlon growth arena. 


NAME - 

ADDRESS 

TELEPHONE (Business) 
TELEX 


(Homs) 


Company Notices 

UNOCAL® 

U.S. $200,000,000 
Union Oil Company of California 
Guaranteed Floating Rate Notes due 1996 
Guaranteed by 
Unocal Corporation 

In accordance with the previsions of die Notes, notice Is herebygiven 
that the Rate of Interest for the six month period ending on 21st 
September 19B7has been fixed at7% perannum. Tha interest accruing 
for such six month period will beUS$381 .87 perUS$10, 000 bearer Note, 
and US$3,6l6.67per US$100,000 bearer Note, on 21st September 1987 
against presentation of Coupon No. 3. 

ForhoktersoffuSy registered N otes the RatB of Interest for th e six month 

period ending on 21 st September 1987 has been fixed «7% per annum. 

The Interest accruing for such six month period wffl be US$381 .67 per 
U S1 10, 000 fully registered Notes, and int^rsimidtipleslhemof; payable 
21st September 1987. 


SL 


iJlil'iiiiiilli'i'iTiT!; 


London Branch 

Agent Bank 
T7th March 1987 


■ rtf V. 

sS&L’-e-n ISC; 








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and VIP lounge customers an extensive collection 
ot great Spanish literature in English, Spanish 
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of Spain’s most iascinating travelling companions. 
As a complimentary gift tram Iberia to you. 

Because Iberia believes that service should 
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KWiiBh'.w hi 




WHEN Michael Porter’s seminal 
book on “Competitive Strategy" 
first bit America's bookshops in 
1980, it was immediately casti- 
gated by the aftrt-fesfcionatte 
Boston Consuating Group as 
little ours titan "a laundry 
HsL" 

There could have been ho 
sorer sign of BCG’S fear that 
the S3-ye®r-old Porter might be 
about to usurp its decade-long 

8 re-eminence as the most la- 
uential source of strategic 
advice aod analytical techniques 
for companies ail over the 
world. 

And so it has proved. Within 
three years Porter had taken 
students and tcxs fellow staff at 
Harvard Business School for 
storm, and emerged unchal- 
lenged as its 1980s megastar. 
In the outside world bis Doom- 
ing consuftancy and lecturing 
work had already started to lift 
corporate strategy in American 
business to a new level of 
sophistication. 

By the time Porter’s second 
major book, ** Competitive Ad- 
vantage," bad won the US 
Academy of Management’s 1989 
award as the year’s most out- 
standing contribution Co man- 
agement thought, his name was 
familiar in boardrooms across 
corporate America, and was 
starting to ricochet around 
the world. 

“Competitive Strategy" has 
now sold over 300,000 copies in 
English alone, end been trans- 
lated into 10 languages. The 
second book is proving at least 
as successful, and no self- 
respecting chief executive of a 
company of any size would now 
admit to ignorance of Porter’s 
techniques for analysing indus- 
tries and competitors, and bis 
ways of plotting how Co become 
more competitive. 

His consultancy clients 
Indude such major names as 
Arthur Anderson, Campbell’s 
Soup, McGrow Bill, Montedison 
and Shell 

Neither of bis books may be 
as readable as zuHlion-selluig 
business blockbusters such as 
“ In Search of Excellence” 
and “ Megatrends " — Porter him- 
self admits that “Competitive 
Strategy” has a rather “tur- 
gid" style— but then bis work 
presents far more of an intel- 
lectual challenge. 

Whereas “ Excellence ” and 
most other works of business 


The man who 


put cash cows 
out to grass 


Michael Porter, Harvard’s most fashionable 
business professor, discusses his work in an 
interview with Christopher Lorenz 


Porter finds it difficult to relax 
his mental rigour. He is for- 
ever enumerating lists of points 
and issues in minute detail, 
then rounding back (often in 
strict reverse order) and sum- 
marising them. It is a some- 
what central European style, 
perhaps born partly of his half- 
Czechoslovakian parentage, but 
a i co influenced by his ultra- 
analytical training as an engin- 
eer and economist. 

Yet Ihe earnestness of his 
approach to any subject is re- 


lieved by a quiet sense of 
humour. Even when responding 
to criticism of his work, and 
allegations that it encourages 
“paralysis by analysis” among 
his many corporate admirers, 
the tall, blond professor is not 
beyond lapsing into the occa- 


sional self-deprecating remark, 
accompanied by a sheepish grin. 

It was Porter's Harvard doc- 
torate In economics which gave 
Mm the practical tools to grab 
the fashionable world of stra- 
tegic analysis and consulting, 
and breathe new rigour into it. 

** The fundamental difficulty 
with BCG was that it tried to 
create one logic and strategy 
that provided the ultimate solu- 
tion to any problem,” he says. 
“It tried to take all the rich- 
ness of competition, to say 
that the only important thing 
happening in any industry was 
the inexorable decline of cost, 
and that there was only one 
thing a company could do: cap- 
ture that advantage by getting 
ahead of the * experience 
curve'.” This was the term 
which BCG coined to describe 
the supposedly mathematical 
relationship between the accu- 
mulation of experience (in the 
form of Investment, scale and 
organisational learning) and 
the ability to cut costs. 

As a result, the simplistic 
notion gained ground that the 
only route to success was to 
achieve massive scale and mar- 
ket share leadership — otherwise 
it was not worth staying in 
business. Yet in fact as Porter 
stresses, “there is an infinite 


pop-pun di try focus on the so- 
called "soft Ss " of manage- 
ment— style, skills, staff and 
shared values — Porter has con- 
centrated on honing the equally 
vital “hard Ss”: structure, sys- 
tems and especially strategy. 
Where “Excellence" was a 
racy compendium of “ lessons 
from America’s best-run com- 
panies,” Porter’s books and lec- 
tures are, in essence, codifica- 
tions of rigorous theory. They 
may be peppered with practical 
examples, but they axe the work 
of a true pedagogue. 

Even in casual conversation. 


number of possible stra tegie s, 
even within the same industry.” 

It was the same with BCG's 
famous “ portfolio matrix ” that 
hackneyed four-box diagram 
featuring stars, question marks, 
“cash cows " and drooping 
“dogs,” which supposedly told 
companies whether (respec- 
tively) to build a particular 
business, bold it “harvest” it 
or get rid of it. 

“I set out to conceive of 
strategic alternatives in the 
most fundamental terms," says 
Porter. By developing a highly 
complex map of corporate acti- 
vities called “ the value chain.” 
he created a new awareness, as 
he puts it that “competitive 
advantage doesn't grow out of 
a company or a business as a 
whole, but out of particular 
activities in its value chain,” 
such as procurement tech- 
nology, development human re- 
sources management, and so on. 

Once a company has defined 
precisely which activities in the 
rhain give it a competitive 
advantage, says Porter, it can 
then take the necessary action 
to reinforce that advantage, or 
to create one in other activities 

ELS WfilL 

Porter sees the value chain 
as a degree more sophisticated 
♦ban McKinsey and Go's 
Hagfrafiy similar, but longer- 
standing concept of the 
“business system,” though the 
American consultancy disputes 
this. 

To the complaint that full 
value <*bain analysis is too 
complex and laborious for 
many executives to handle, 
Porter retorts that “to manage 
themselves well, companies will 
ultimately have to develop the 
capacity to think at this level” 

The other, more controver- 
sial, innovation for which 
Porter Is best known is the 
concept of “generic strategies”: 
the idea that every company 
must make a choice between 
being the lowest-cost supplier 
in any particular Industry, and 
achieving real differentiation by 
offering unique features that 


NEW INTEREST RATES 


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PA 

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Net. 

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P* 

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5.75 



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pa. 




- ^ 




Kr ^ vJ i i i 

1 i 

1 h 1 

iiij 

i 1 1 


Midland Bank pic, 27 Poultry, London EC2P 2BX 


Interest Rate Change 


Allied Irish Banks pic announces that with effect 
from close of business on 19th March 1987s 
its Base Rate was reduced from 10^% to 10% p«a* 


(X) Allied Irish Bank 


Head Office — Britain: 64/66 Coleman Street, London EC2R 5AL. 7cL 01-588 0691 
and branches throughout the country. 



Roger T aybr 

Michael Porter: Ms books are the works of a trite pedqpfiK 


tiie buyer considers important 
“You can't be a superior per- 
former unless you’ve got 
advantage In one or the other,” 
he argues. “The biggest error 
in strategy is to get stuck in 
the middle.” 

Take the British motor in- 
dustry, Porter invites. "Jaguar 
has made a clear choice: for 
differentiation in a narrowly 
focused market But Austin- 
Rover hasn't: it’s neither low- 
cost nor differentiated, with 
neither a broad scope nor a 
narrow one. It’s stuck in the 
middle, floundering:” 

The Japanese motor industry, 
by contrast set out at first to 
be primarily low cost and 
according to Porter’s analysis 
has only recently moved to- 
wards differentiation. Be con- 


tradicts the conventional 
wisdom that Toyota's break- 
through into the IJS market in 
tire 1960s and 1970s was 
achieved by majoring on bath 
low cast and differentiation 
(especially through superior 
reliability and service). 

“Neither they nor the other 
Japanese auto companies tried 
to differentiate in the sense of 
charging a premium price for 
unique features,” he Insists, 
“ They were fundamentally try- 
ing to price below the compe- 
tition-” 

When pressed about criticism 
that his generic strategies con- 
cept is acting as a sfcraitjacket 
on competitive innovation 
among western companies, 
rather than liberating them to 
fight file Japanese with every 


cedes that 

possible to be both low-cost 
differentiated at the same time. 
IBM has done SO, although it 
is always very dear that ns 
fundamental nil Winn is differen- 
tiation, through software, sell- 

^BywSwthe opportintily 
to be both, then take rt.” 
advises Porter. But even trim 
the advent of flexible manufac- 
turing systems and other forms 
oi new technology, “yon must 
always remember that pe 
forces of competition are going 
ultimately to make yon choose. 
If you don't know which is your 
principal source oi advantage, 
you’re going to be toy vwner- 

aWe to the focused competitor,” 

AS the same, Porter admits 
the need to revise his first book 
to state mote clearly .that com- 
panies should not just concen- 
trate on either cost or differen- 
tiation^ but should balance them 
in one of many different ways. 
“Any strategy is a blend of 
them both," he now declares. 

The shortcomings of “generic 
strategies” are c o mpounded by 
porter’s tendency to present the 
concept in precisely the sort of 
simplistic either/or diagram for 
which he so vehemently attacks 
BOG. “ One obviously can’t cap- 
ture strategic alternatives In a 
simple matrix;” be concedes. 
“ I create these pictures because 
most people need them to help 
get into an idea- Its ammrfng 
th«t what people remember is 
toe chart, and not the hundred: 
of words that 1 w r it e. I hope 
the actual writing makes It dear 
that there actually are many 
nuances. But these pictures are 
very dangerous things.” 

Even if people are not mis- 
led by the diagrams, and digest 
every ward. Porter Is dear that 
reading and education can only 
go part of tiie way towards 
creating competent managers. 
Harvard and several other US 
business schools are trying hard 
to avoid a narrow academic Mas 
and improve their training of 
managers; he says. **Bnt the im- 
portant reality is that it’s very 
hard to teach people in a class- 
room how to manage some- 
thing. A business school can't 
be expected to produce the 
complete manager by jnstflHng 
a person with leadership 
qualities and the ability to deal 
with other people.” 

A -gtmflyy limitation applies 
tohis own ambitions techniques 
of analysis and strategy develop- 
ment “No tool can remove the 
need for creativity in ti»i g - 
the right strategy. Great com- 
panies don't imitate competitors, 
they act differently.” 

“The agony of a scholar in 
the fidd is you can only 
take the practitioner to the pre- 
cipice of that creative innova- 
tion. We do seed to discover 
bow the process of creativity 
takes place. Bat ultimately 


TTsK* 






Me/TTv MW 


ENTERPRISE 

SUCCESS 

&JOBS 

Tire Queen Elizabeth II 
Conference Centre 
LONDON 

31 March &29 April 1987 
Two topical conferences for 
senior executives and union 
figures, sponsored by die 
National Economic 
Development Council with 
the support and assistance 
of the financial limes. 
Speakers will indude: 

COMPANY 
SUCCESS 
31 March, 1987 

The Rt Hon 
Nigel Lawson, mp 

niw^ sM flfo fiiw! yi rh r|iH r 

Mr Paul Girobuni 

I lnMSwga plv 

Mr Francesco Gallo 

FbtSpA 

Dr Robb W Wihnota css 

O g M toa oBASyiBaa luuu.&Juta Ud 

Mr David Nidksoo, cbe, m. 

m fi.L n J . M .. n ffl jMj, H f l ia y 




State Bank of India 


State Bask of India announces 
that its base rate 
is reduced from 
l\% to 10% per annum 
with effect from 
March 19, 1987 


Deposit Rates 

are Gross Interest Net Interest 
7 days’ notice 5.69% 4.00% 

21 days’ notice 6.77% 4,75% 

Interest paid half yearly 


Mr Roy Roberts, cbb 

CKNpk " 


Main Office in the UJC. 

State Bank House, 1 Milk Street, London EC2 


PEOPLE -THE 
KEY TO SUCCESS 
29 April, 1987 
The Rt Hon 




SeaeatyofSBKferEaybfiae u t 

Mr Thomas Fortado 
nattft Wbkney Qnop 


Professor Charles Handy 

loodm BudnMi School 


Mr Norman W3Hs 

IbdaUnCEapai 

Mr Michael RendQe 

fcnpaM r&f AMoc atj cm 

Mr Peter Widcens 
Nam Motor Mfen&Onmg (UK) Xjminl 


i#»:vd 1 1 




mem 


BANK OF IRELAND 
BASE RATE 


Bank of Ireland 
announces that with 
effect from dose of business 
20th March 1987 
its Base Rate is 
decreased from 
1016% to 10% p.a.' 



BankcFlreiana 

Established 1783 


Aira Office; 36 Mooisrie, London GQR60P 













iSSS 


>( * >i’nuT 

















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expo 

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ffeMSr mjm 


people have to jump the preci- 
pice themselves.** 




Grindlays Bank p. I.c. 
Interest Rates 


Grindlays Bank p.l.c. 




that its base rate for 
lending will change 
from 10%% to 10% 
with effect from 
19th March 1987 


Grindlays 
Bank p.Lc. 

UreUBoaparcanwia 


Brad Office; Grauflays Bank pic. 

Ifiaeraa Book, Montapie Clow. London SEi SDH. 


Witf effect from ; 
Co-operative Bank 


1 1 T* ihi iirn 


from 10*50% to 10 00 % jLa. 


I3epositrafewiIIbecome: 

.CROSS NET 

inierest wisest 

7 days notice . 5 . 35 % . 4 ; Q0% 


CpjperaiiveBarikplc, HO. BooclQt 
iBaBoan Sfj^MmdiesterMfiO 4EE 


[SfSjTHE COOPER ATT VF BANK 




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21 




Financial Times Friday March 20 1987 


THE PROPERTY MARK ET By PAUL CHEESERIGHT 


The rise and rise of 
the Richardson twins 


KP wmP MBS ^kbarfavn P«id ' 
15 shillin gs a week in the 1920s i 
to just by the 

steelworks at Dudley. It was ' 
too expensive. So Itbey moved ■ 
next door on a . rent of nine ' 
' a week. Tvwj rooms up 

. am? two E9»« down. 

'71m m where Don and Roy 
twins, bom in 19S0, 
.were brought up. me original 
15 shillings a week house is still 
hero, -Just outside the border of 
the .Dudley Enterprise Zone. 
Just inside the border, by the 
childhood home, the Richardson 
twins own 300 acres of land. 

This is Kerry - wni, best 
known now as an edfje-of-town 
shopping centre vnA over 

600.000 square feet of sp «ce al- 
ready woridng and another 
%3m square feet scheduled for 
opening by Christmas 1989. But, 
iq fact, Kerry RH1 is also an 
industrial estate with about 70 
occupied units ranging from 

1.000 to 80,000 square feet and 
rents running at up to £3 a 
square foot There is also some 

. housing and open land given to 
tiie local council for leisure use. 

. Kerry Bin equals Richardson 
Development, file private com- 
pany holding the interests of 
the twins. It is the biggest 
Richardson development and 
mw, because of toe size of its 
shopping centre, a key factor in 
how the West Midlands plan- 
ners settle a shopping policy for 
the Birmingham Qanuxbatlon. 

Last Saturday 80,000 people 


visited the centre. Projections 
suggest that more than 8m 
people win arrive during Satur- 
days throughout the year. Sur- 
veys done show that just under 
half the shoppers come from 
Dudley, about a third come 
from within 10 miles and the 
rest from farther afield. So 
Merry HOI is having an impact 
on the whole of the BirnupK- 
ham area. 

And ft has all (happened in 
three years, More than SO 

DON RICHARDSON argues 
that the early success of 
Kerry HfQ ewes much to 
“pent-up demand which has 
been battled up.” Planners, 
he said, “refused to see 
reality.” 

But planners up and down 
the country are mixed In their 
reaction to edge-of-town 
shopping centres, caught be- 
tween a desire to preserve the 
town centre fabric 
and, in some cases, a desire 
to promote anything which 
brings Jobs. 

. national retailers have taken 
premises, drawn, at least in 
part, by the rates holiday 
offered by presence in an eater- 
prise zone. The Richardsons 
maVtp no secret of the attraction 
for them of the 100 per cent 
tax allowances for capital ex- 
penditure on commercial and 
industrial buildings in such a 
zone, “Ihe enterprise zone 


brought bade incentives to 
people like us," said Roy. 

It was the initial failure of 
the Dudley zone to attract de- 
velopment that brought the 
Richardsons in. Because they 
bad a traek record in promoting 
industrial estates, Dudley Coun- 
cil sought their participation. 
The enterprise zone had been 
set up in 1981, not long before 
British Steel suddenly dosed its 
Dudley plant. In four pur- 
chases. the Richardsons accumu- 
lated 800 acres at a price they 
will not disclose save that it 
was “ at the bottom of the mar- 
ket," 

The Merry Hill project, now 
wisth an Investment value 
mowing towards £250m, was 
conceived in 1984 and the first 
phase bulldtog started a year 
later. The Richardsons had 
seized their chance— a chance 
made possible by (the recession 
end rock-bottom land prices. 
“We had Always been frying to 
build up targe sites but it was 
impossible to do. When you ve 
got large sites you can do your 
own thing," said Don. 

The moot fewee site toe 
Richardsons have their eyes on 
is the Wolverhampton race- 
course. They paid £1 to the 
Wolverhampton Racecourse 
Company for an option to pur- 
sue the redevelopment of the 
200-acre racecourse with any 
proceeds split 50-50. 

The plan is to move the race- 
course and construct a new til- 
weather trade at a cost of H5m 





A shop-around for the 
West Midlands planners 

the GROWTH of Merry Hill and tbe grant of planning consent 
™ ?_ on ft shopping scheme— Sandwell Mall — near 
W^taeSuS cufcTthe options of the West Midlands planners. 



on a nearby alto and use the 
200 acres to a way not dissimi- 
lar from Merry Hill — industrial, 
bousing and up to 70,000 sq ft 
of shopping. 

Merry Hail and Wdverhamp- 
too are a far cry from the early 
property experience of the 
Richardsons. Tbe twms, who 
have worked to partners hip fo r 
40 years, were truck distribu- 
tors who found that extra 
money could be made by devel- 
oping land they bought for 
depots. The first venture was at 
Stoke-oo-Trent to 1964. 

They have concentrated their 
activities on dm Midlands but 
are haw beginning to lock out- 
side the region. An indication 
of their spreading ambition is 
the purchase of 51 P«r ceot 
Burns Anderson and 42 per cent 


The Kerry Hill Centre, Dudley 

of Regeotoreet both qurted 
companies. The first is a Fiat 
dealer with shopfitting and 
financial service arms. The 
second is an old Slater Walker 
property vehicle once known as 
Laganvaie Estates. 

These deals increase the 
financial flexibility of toe 
Richardsons. If they want to 
buy something they can use toe 
paper of the quoted companies. 
Or, if it suits them, they can 
reverse in their own private 
interests. 

But they do not seem keen to 
change their style of business. 
They remain cautious about 
spelling out the detail of their 
financial circumstances. But 
Roy was categoric about Merry 
HiU: “It will be done without 
us going into the red," he said. 


• OUTSTANDING VALUE • 
•TENANTS • OWNER OCCUPIERS • 




offfcfibwIdihgsarKJ 

asMsaa ssss. . 

l>xJdaixfc Enterprise Zon^t^ 

advanced of Lonckx* WErtBrotydeyeto|XTtents. 


MEROANGffTE 

r UMTS AMMLABLE FROM 60MQ.000SQ. FT. 

companies ENTBtPRISE ZONE FISCAL ADVWWGE5. 

WOMCAPnALAUOWWCE. 

SSC’ NO RATESLEVH) UNTIL 1932. 

DESIGN FLEMBaiTYFORINDIVIDyALI«E^. 

sbpments. PRIME WATERSIDE LOCATION, 

ion, offers ixXKLANDSUFESTYlf. 

USXjSnt TWOMRBFROMTHEOTY 


Pha*C^anenUyundero)nSni<^oHas DOdOANDSUFESIYlE. 

TWO Md£S FROM THE OT£ 

Enterprising businessesorinvestorscRil Grant&Partnersnowforfull details. 



London Docklands. The Emerging City 


LINCOLN HOUSE 

HAMMERSMITH W.14 
TO LET 

SUPERB OFFICE 
BUILDING 

27,340 sq. ft. 

READY SUMMER 1987 

Full detail* from Sole Agents: 

AND WILLIAMS 

103 PARK STREET. W1Y 4|H 0M99 9611 


100% TAX RELIEF 

AVAILABLE THIS YEAR 

ON 

OFRCE/5HOWROOM/INIHISTR1AL 
PROPERTIES 
Speak to Steven Rogers at 

BROMBARD DEVELOPMENTS LTD 
0273 728311 

3J Waterloo Street; Hove, East Sussex BN3 IAN 


"We don't owe money on any- 
thing else either," he added. 
“We’ve made enough over the 
years,” noted Don. 

They have set their faces 
against long-term borrowing. 
Ninety per cent of developers 
borrow— "they count on 
profit before afs made." Don 
Swerved. The Richardsons have 
facilities available at their 
bankers, but, said Ray. tiw 
ever go into the red at the bank, 
we get out of it as quickly as 

possible.” 

This independence, they con- 
sider, gives them the ability to 
move fast. They have worked 
together so long that they ran 
make decisions even without 
consulting each other. And, said 
Boy. "we’re amt under pressure 
from any institution or bank. 


READING 
SUPERB 
REFURBISHED 
OFFICE 
BUILDING 
9,125 SQ. FT. 

Central Heating 
Extensive car parking 
Easy access M4 
Leasehold or Freehold 
IMMEDIATELY AVAILABLE 
Pearson William* 

0734 500115 


PRESTIGE 
OFFICE BUILBtHG 

13.U0 sq ft 
TO LET 
HAVANT 
HAMPSHIRE 
Sole Agents 


0S9 


Cosfaam (0705) 3U831 
23-25 Spwr Road, Costom. 
Portsmouth POI 3DZ 


UNUSUAL OPPORTUNITY 
FREEHOLD OFFICE BUB-DING 
4,300 square feet 
Prime City Fringe Location 
ADLERS 
01-499 0601 
Ref: DPC/iK 


R^h a ftaure lT the roigh eqiiralem of building toe existing 
SmnninFsoeee in the nine main centres of the area all over again. 
* 0P ThSe”?wr^2d sSemes are at Wolvertuunptim-toe 
new Venture of toTRicWdstm twins-^ranmore near So^ull, 
the old power station at Walsall and at Fort Dunlop, jnrt by the 

K «h^ T sCTen a borougba B irmingham. Coventry? 

SaudwelL SoilhulL Walsall and Wolverhampton— stick to t he 
shopping strategy laid down in West Midlands coonff stiuctnre 

plan, P drawn up before the abolition of the nietrop^Ms® 
authority, then the chances of these four applications being 

approved plan laid emphasis on strengthening the 

y ywn ff shopping centres and on resis ti ng the applications for 
mttiMown schemes, arguing that the existing centres would be 

Fnto Bat*the°Driv^; Jorasstudy makes the point that over the 
mw jo years tbe amount of retail development In the major 
existing centres has been limited, especially, to com parison w 1 th 
what has been happening in places like Red ditch and TWford. 

Drivers Jonas lo®ked at toe tread of 
and concluded that it could support a further 650,000 sq ft 
offtaoesnaee by 1991, noting tha£ “this is from a base line which 
does nottahude the two centres which have planning 

"trend in spending expected to run to 1991 continued 
for another five years then there might be scope for a further 

8S0, Ihere hr therefore not much scope for the pianners to 
approve new centres if they follow the Drivers Jonas guidelines. 
Whether the boroughs will Is not yet clear. 

The Drivers Jonas report is circulating but has not yet been 
published, so the Birmingham debate on it has not realty 
started. But It cannot be long delayed. As Drivers Jonas tali 
the boroughs, the developers, landowners and retailers need 
dear planning guidance. 


BRACKNELL 
MODERN OFFICE BUILDING 
30,000 sq ft 

ON 17 ACRE SITE — FOR SALE 
Apply to Sale Agents: 


RETAIL INVESTMENTS 
WANTED! 

FOR RETAINING CLIENTS 
Both prim* and ncondary ehope/ 
aupermarkois In eingleo or 
with raaldantial wtiara appUoaWa 
from £20.000- El ,5m. 

Writ* or tofophono: 

Tha Uonal Monetae PartnaraMp 
(Jack Mendoza F.S. VA. or 
David Bauman) 0273 728068 
7 How Manor Panda. Hava S treat. 

Hevau ■» V* 


Accountant 

London SE5 
c£l&,000 pa + Car 

nie Fund Is **“ 

of £35 mWo" In 1986/7. 


bieforthe management 


d accounting 



OPPOSITE GREEN PARK 

There are only two adjoining floors remaining at tins 

(5,651 sq.ft.) and Trafalgar (3,355 sq- to) &*”* ♦ 

** AmSties include reserved car paridng, 

VSy air conditioning and comprehcngve staff facilities. 

^Arrange a private viewing throng Chris Burrow at 


01-629 4640. 


WELLINGBOROUGH 
ENTERPRISE ZONE 

PRE-LET AND COMPLETED UNIT 
29,294 sq ft (including 15% offices) 

High ipedflcadon industrial unit, 25 year lease, 5-year rent review 
at initial annual rental of £87,882.00. PLC covenant. 

BALTIC DEVEU3FMENTS pic. 

Contact: Marie Glatnwn 
Baltic Devetapmentt pk 
25/26 Albemarle Street, Lom^W1X 4AD 
Tali 01-493 9899 - Fax: 01-491 8678 


100% TAX RELIEF 
on 

OFFICE BUILDINGS 

For further information, please contact; 

Tom King at 

Courtyard Estates limited 

01-629 2464 

117 Piccadilly, London W1V 9FJ 


Enterprise Zone Developments 


100% TAX RELIEF 

Act now to secure 100% IBAs before 5 April »907 
Your own property can be purchased from as little as £B,BOO 
Legal documentation is ready fo r imm adrtte exchange 
Contact Jeremy BoUand ri: 

EZD PROPERTY GROUP PJC 
World Trade Centre, London El 9UN - Tel; 01-480 7513 


EDWARD SYMM0NS 


Enterprise Zone De velopment* 


LONDON EC2, CITY 

PRIME MODERN APtCONDfTlONED OFFICE 5PACE 
TO LET 2 TO 5 YEARS 

yvrite 

UMITO OVERSEAS BARK ^ 

19 oreat Wtedwater street London EC2N 01 




f® 82 Wilton Road 

LOndof ’SWjviDH 

£^8348454 


We have substantial clients 
seeking to acquire 

(i) Property Companies 

(ii) Property Portfolios 

£75,000 to £1,000,000 

Replies In strictest confidence to ML |. Camtiford, ARK? 





CROFT 

m 


7, High Street, Eton, Windsor, Berks SL* 6AS 
Tel: (0758) 8512SI 


FOR SALE 

MENSWEAR 

BUSINESS 

PRIME MAYFAIR 
Contact: 

Andrew Slater 
JAN SCOTT & COMPANY 
20 Berkeley Street, 
Berkeley Square. 
London W1X 5AE 
Telex: 298927 
Fax: 01-409 3312 
Teh 01-498 9911 


ENTERPRISE ZONE IRA'S 
INDUSTRIAL AND RETAIL 
UNITS AVAILABLE 

All 100% tax deductable 
Yield 7/9% 

Some prelect available 
Reply to: 

EAST MERCIA 
DEVELOPMENTS LTD- 
Manor Stables, Lan gharri. 
Nr. Oakham. Leicestershire, 

LEI5 7PP. 

Tel: 0572 3733 
Telex: 341652 


100% 1BA INVESTMENTS 
SWANSEA ENTERPRISE ZOfE 
Secured on new warehouee/ 
Induatrial unite. Packaa** 
£100.000 eacured on rentals 

starting at C7.000 pw annum. 
Two year rental guarantee oneretJ. 
Contact RQBarPodrrwn 
COOKE A „c 

T7 High Street. Swanasa SA1 ILF 
^ Tel: (0792) <73744 


Investments For Sale 


FOR SALE 

GUERNSEY FREEHOLD 
PROPERTY 

14,000 sq ft offices let to bank 
2,000 sq ft of shops 
3& years FRI base from 1986 
First rent review at market 
value commencing 2nd half next 
year 

Offered at current rental value 
multiplied by approx 7% yield 
Currant renal value between 
£130,000 and £140.000 
Full particular# on request 1 , 

Writ* BOM rone. NninoJ* tjlmj* 
10 Cannon Sr. London EC4P 4 BY 


TELFORD WRY 


FREEHOLD OR LEASE 
DETACHED INDIVIDUAL 
UNITS OF 4.000 sq ft EACH 
WHOLESALE/RETAIL 
INDUSTRIAL 
Details: 

Tel: Leicester (0531) 25000 


INVESTMENT FOR SALE 

NEW OFFICE BUILDING 
Prime location West London 
Full air conditioning 
Producing over £600,000 pj. 
For sale by Private Treaty 

Write Box TB4BB. Flnonclol Tkno* 
to Cannon St. London EC4P 4 BY 


DEVELOPMENT SITS 

The only Indopendant publication 
covering England and Walaa. 100e 
of new dataila every week. 

THE PROPERTY 
DEVELOPMENT REVIEW 
Phone or writ* lor dot tils: 
Cambridge A London 
Publics lions Limited 
Pound Hill House. Pound Hill 
Cambridge CBS OAE 
Tel: (0023) 312457 


100% TAX INVESTMENTS 
HIGH QUALITY 
DEVELOPMENTS IN THE 
BETTER ENTERPRISE ZONES ^ 

Tel: John Piper on 01-484 7544 
or Hilary Bryan on 
0444 457681 
TAXINVEST PLC 


Company Notices 


TAX SHELTER FOR 1986/17 
ACT NOW 
ENDS APRIL 5 1987 
100% BUILDING ALLOWANCES 
GUARANTEED RENT 
FROM £80,000 ONLY 
SOUTH EAST ENTERPRISE ZONE 
Write Box 78487. Financial Ttmos 
JOCtnnon St. London £C4P 4SY 


shop INVESTMENT. Wectsate. ManAeld, 

feus 

CRC SSpertle*. TeL 01-2S3 7101, «£. 


International 

Properly 



VARIOUS CATTLE FARMS 
7,000 to 30.0QO In 
In central Colombia, flret-rata oppor- 
tunity for farmlng/lnvestora or xt- 
tiara (Immlor.). for sale at o, 
valua: DM 300/faa, incl Hveatocfc 
m. Sit. 130 milas S of Bogota, in 
Uia fanila Unnoa, rich In watara 
and expioltaoie toresu, too; _Me»- 
Dept, tor more inf please writs to: 
P. Walbemann. Kaieer-Wllh-Str « 
D-200 Hamburg 36. West Germany 


CITY OP MONTREAL 
PERMANENT DEBENTURE STOCK 

NOTICE IS HEREBY GIVEN tilt M 

tvanUair RMldcr will be closed from 

«**WTb*mi« ,9B7 ‘ bott 

•e&WSE BANK OP 

yFSff&sstSff* 

London ECZN 1DL 


4% EXTERNAL LOAN 
(1974 ISSUE) 

The eooDoea duo 1st April 1067 mmr 

Emttm ™C1P ZJ&. between V» boom 

of 10 a.m. and a P-m- 

London, 

20th March 1M7. 











Company Notices 


De Beers Consolidated Mines Limited 


Incoipor atc ditt fee Republic ofSoothAfeca 

Registration No It/00007 /06 

NOTICE TO HOLDERS OF DEFERRED SHARE WARRANTS TO 
BEARER 

PAYMENT OF COUPON NO. 78 

n sr?» wt iw £*rss& Mas 5 ? 

d£5^^ ^ *» »*** wrram coupons 

ideJSS^'tfiw «u^ 9 ”l£? > Sw 0 iil*S'''«fIW' fltft M»V. 10B7 Mxlrrst 

frJSi shore wn«w » o«rw u bi3*i— 

(b) At the otftM of ttw following ConifnnnW wins mwIk 

Binqtic BreMlI", Umbert jf BuTSSrtt^ BMt ‘ U * 

(SsSTsss^r 1 * ««!*?!! 


Banoue internal font I * Uxembourg 

2 Boulevard Royal 

Lwarntoafll 


Credit Solace 
RMdntae B 
8021 Zurich 


7S4Z8 Paris 
Generate de Banqtn 
3 MontrtSne du Parc 
1000 Brunets 
bwivt name Corporation 
1 AescMnverstadt 
4002 Basie 

Union Bank of Switzerland 
Bahnhobtranu *5 
B02I Zurich 


A^n MScW.* ASSttSES 

WPSHUtel paving 

cuenfc concerned. . , . B 


menL con«moia _ ..... .. . 

‘"S'Sje * u “ 

&V&S mt-sw a&n 

oo ^MrESB 


i' A f ratmoiu lodflM iner enn Mini, i»a# 

f.ta of cp(Mfl 0 * on iJie cuy the proceeds JJ* ^Sff'eiSSilS 
an autnorlsed dealer In exchange In i jotannwhurg to the Securities 
Department of Hill Samuel 4 _C0- ■rinrtHotf . rt n- 


Cowans ft* "t l«W Sur dm Pays for wMMMnlMn» be 

JSSSSwS *n* i^Kay {Saturday «»«edj beewcen the hours of 10.00 a.m. 

and 3.03 P.IP- 


an a.ua n.m. 

1I.IM Kirndom Income fox wlH be deducted from payment to any Person 
i_ Sc united Kingdom In res p ect or courons daaodtrtf St cft e ft curltfer 
Seewaiiwt o? HMI Samuel * CoVUmlred. unless such cowonj are setomoanted 
SftaMnd' Revenue^ non-rraldonw declaration forma... Where, such deduction 
made the net amount or if» dhrtdmd will be the United Kingdom currency 
equivalent of 43.60 cents per snare arrived at as tallows, ^ A|r|£M 

Cents Per Snare 

Amount of dividend declared 60.0000 

Less: south African non-resident Shareholders tax non* 

at 6 .B 1 B% 4 - 09DB 


Less: U.K. Incan* tax at 20.162% of Hie giro 
amount of tne dividend ot 60.0 cents 


SS.3O0Z 

12.1092 

43.6000 


Per and on behalf ol 

ANGLO AMERICAN CORPORATION OP SOUTH AFRfCALIM^TEO 

P. E. C. DEXTER 


40 Huisom viaduct 
London EC1P IaJ 
19th March, 1967. 

The ^company has been requested toy the Commissioners of Inland Revenue 

Underline double tax aareement between Hie United K lidfof.J lid tta ?*fgjE 
of South Af'ica. the South African non-resident rax aonlleBble 

co the dividend i* ailovmble as a credit against the United Kingdom tax payable 
" ?smc{ or tne dividend. The deduction of tax at the. . redu ced rate of 
20.162% Insteed o. Uie basic rate of 27% represents an allowance ol credit 
at the rate of 6 . 616 %. 


De Beers 


De Beers CoraoMatad Mines Um lied 


REMY FINANCE B.V. 

FRF 300 . 000.000 GUARANTEED 
FLOATING RATE NOTES DUE 1993 WITH 
AN OPTION TO CONVERT THE 
FLOATING RATE 
INTO A 8 1/8 % FIXED RATE 

For the three months, March 4, 1987 to June 3, 1987. 
the rale of interest has been fixed at 8,5% P.A. 


The interest due on June 4, 1987 against coupon nr 2 will be 
FRF 2 i 7,22 and has been computed on the actual number of 
days elapsed (92) divided by 360. 


THE PRINCIPAL PAYING AGENT, 
SOCTETE GENERALE ALSACIENNE 
DE BANQUE 
IS, Avenue Emile Reuter 
LUXEMBOURG 


THE COMMERCIAL BANK 
OF THE NEAR EAST PLC 


NOTICE IS HEREBY GIVEN that the 
Sixty-nfth Annual General Meeting ol 


Sixty -fifth Annual General Meeting ol 

B its Comoany will be held at Its 
egtetered Office. Banks We House. 
107-112. Leadenhall Street . London 
EC3A 4AE. on Tuesday. 14th April. 
1987 at 11 a.m.. lor the following 
purposes: 

i . To receive and adopt the Directors' 
Honor: and Accounts tor the year 
ended 3lst December. 19B6. 

2. To declare a dividend. 

3. To re-elect Mr. D. J. Newton as 
a Director. 

d. To re-appoint the retiring Auditors 
and to authorise the Directors to 
ax the remuneration ol the Auditors 
for the current financial rear. 

5. As sseclai business to re-elect Mr. 
P. A. Vahids chi and Mr. H. L. 
Constant as Directors, special notice 


having been given to the C.-mpany 
Pursuant to Sections 293 and 379 
of the Companies Act 1985 of the 
Intention to propose the following 
resolutions as Ordinary Resolutions: 
<aj "THAT Mr. P. A. VMedachl. 
who ruu attained the age el 


93 years, be and be Is frerofry 
r«-d«ctod a Director of the 
Company." 

Ol) “ THAT Mr. H. L. Constant, 
who has attained the age ol 
70 yoars. be and he 8 her**'* 
re-elected • Director of the 
Company." 

6. To transact the business of an 
Ordinary General Meeting. 

By Order of the Board. 

N. M. PEGGIE 
Secretary. 

Banks! de House, 

107-112. Leadnntiall Street, 

London EC3A 4AE. 

3rd March. 1987. 

Notes 

1. Any member of the Company entitled 
to attend and vote at the above 
Meeting may aPMInt another person 
who need not be a member of the 
Company as their proxy to attend 
and vote Instead of them. 

2. There are no contracts r 1 servltt 
which are required to be made avail- 
able tor Inspection at the Meeting. 

Explanatory note to Special Business 
Resolutions. 

Resolution 5 <al relates to Mr. 


P. A. Vafladactil who retires by rota- 
tion In accordance with the Articles 
of Association of the Company and 
Offers himself tor re-election. 

.. Resolution 3 fb) relates to Mr. 
ff. t. Constant who has attained the 
ape of 70 years since the last Annual 


ape of 70 years since the last Annual 
General Meeting. Therefore, pursuant 
to Section 293 of ttw Comrames Act 


to Section 293 of ttw ComramM. Act 
1985. Mr. Consent >s required to 
resign as a Director, at . the next 
Annual General Meeting but otters 
himself tor re-bfecttoir- 

Special notice ol the Intention to 
propose,, the, re-eiociMn of Mr. Vahada- 
chl and Mr Constant as Directors 
notwithstanding tnat they have attained 
the age of 70 years have been received 
by the Company. 


Legal Notices 


KSIOSENE DELIVERIES 
(TOTTENHAM) LIMITED 
(Trading N 
fiowon Fuels Service} 


NOTICE IS HEREBY GIVEN, pursuant 
to section 48 of the Insolvency Act 
1988. ttrat a MATING of the CREDI- 
TORS ot the above-named company 
wiH be Held at ShbHay House, 3 Noble 
Street. London EC2V 7DQ. on Monday 
30 March 7937 at It am for the pur- 
poses ol having laid before it Dm 
report prepared by the joint admini- 
strative receivers in accordance with 
tne said section end. if thought fit. 
appointing a cotnmmitteo. 

Creditors whose claims are wholly 
Been red are not Mi tided to attend or 
vore ar the meeting. Creditors who 
■re partly secured may only von in 
respect of the balance of ,tha amount 
due to them after deducting tha value 
of tha security, as estimated by them. 
A creditor in respect □! ■ debt due 
on. or secured by. a bill of exchange 
or promissory note must treat the 
IJebfiity of any person who is liable 
on the bfli antecedently to the company 
as security held by him (unless that 
other person is subject to a bankruptcy 
order or in liquidation). 

Creditors wishing to vote at the 
above meeting must lodge a written 
statement of their claims with us at 
Shelley House. 3 Noble Street, London 
EC2V 70 Q, no later than 12 noon on 
Friday 27 March 1987. Proxies intended 
to be used « tha meeting must also 
be lodged with us by that time. 

Dated this 13th day of March 1887. 

C. J. HUGHES, 

Joint Administrative Receiver. 


Art Galleries 


RICHARD GREEN, 44. Dover Street. W1. 
01-493 3039. WATERCOLOURS BY 

MYLES BIRKE.T FOSTER. Mon-frl 10-6; 
Sats 10-12.00. 

LOUIS TURPIN. New Paintings till 9 April 
at Bohun Gallery. Station Road. Hanley, 
Oxon. Tel: 0491 57G226. 


Clubs 


eve hu outlived the others because of a 


Poikv of fair May and value for money. 
Supper from to -3 .30 am. Disco end top 


musicians, clamorous hostesses, emltiho 
ftoorshowa. 189, Regent 5b. wi. 01-734 
0557. 


Public Notices 


The City of Aberdeen District Council 

LEISURE CENTRE 
at Queen’s Links, Aberdeen 

Proposals for Funding; Development & Management 


Planning permission has been obtained by the Council for 
the construction of a Leisure Centre at Queen’s Links, 
Aberdeen. Construction of the Centre is to be under- 
taken in two phases. Phase I is to incorporate a leisure 
pool and dry sports complex and Phase Q will provide 
an Ice-rink and ancillary accommodation. A contract has 
just been awarded for the construction of Phase 1 which 
is due for completion in Autumn 1988. 

A provisional grant of an entertainment licence under 
Section 26(2) of the Licensing (Scotland) Act 1976 exists 
in respect of the Centre. 

The Coondl is now seeking the submission of proposals 
for the development and funding of Phase U and/or the 
management of the Centre. A Brief containing the approved 
plans for Phases I and II together with fuller details of 
the basis on which proposals are Invited are available 
from the undersigned with whom proposals must he lodged 
on or before 30th April, 1987. 

JAMUS J. K SMITH, 
Director of Law and Administration. 

Town House, 

Aberdeen 
12th March, 1987 


I > Ta?: ■ (..w 

IllllinillHIIIVFVAhl 

iiiiiimiiiiiiiiiiifllf 


ROUNCON.V. 
EXTRAORDINARY GENERAL 
SHAREHOLDERS 

¥,£ 5 ? a »rH 5 S“S^f ««S!. 

Rotterdam, h 17-00 taw*. 

AGENDA 

1* a 


SwU of th. wg ! « 

lui, w rone cumulative 


half per , cent sumuuiM* 
we t eran e u stares. It 
to withdraw tte fw */* • **" 

• aEAars^^srs? 

3. SgSTS the Artdfo of 

Auoclatton- 

It Ij proposed to * lw r -°I5 
Article s Of _ Association » iW 
tile eraposad «!>*“!• _! £ ,_ nff S 
financial year foid.Mw 
withdrawn of and»M'| 

per cent cumulative prcrerenca 
shares. In eo™*^ 0 " 

It u. aise proposed » 

each of the Managing Diioomj 


coco m mv ""“m™ 
to apofy or cause W a P*!l ’r. 

th# dedaratton tPBtoimwd fi; 

Article 125 ol tiie Scton d Bmw 
or etio Chffl Code Jw f 
Of tile draft ot tho «taeo 
containing , this 

th* Articles ot Association; 
to msva such thand**, ™ 
tola Orals aa. ar* ™wiirnd W 
obtain that declaration and » 
hava too relevant aiterarion <" 
toe Article* £» /l S w *2d n aner 

,4. firsass 1 -*. p— « 

will retiro by . rotati on. , It 
will be proposed » re-Woct 

— it C wiil be proposed to appoint 
Mr Th-M, SchQiten a S uw; 
vtsonr Dlragpr with eflW* 
from 1st July. ,1987. 

5. Any other Business. 

ALTERATIONS 1N..T HE 

ARTICLES OF A»OCI ATtON 
(a) Alteri Uon In t he froapctai soar 

Th* mdpwai"17 , w’[a«lliirt articlas 36 
and 37 paragraph 1 as follows, 
article' 36 


Thin"' financial war ot toe Company 
shall be from d>fi , Hit .day _P» 


w to yd tiw 

thirty-first day of August. 

I Pi op use d text: , 

The financial year of the Crmiranv 

: shall run from tile fir** ,£f 

JLaniUirv UD to ana Indutflna the 

SSSySret hay Ot December of each 
^ ritr ' article 37 paragraph 1 

The^BMlrt of Managing Directors 
«*ail fipcfr year, mt Iffl 
the end 01 toe Bionto ol Pece mher. 
submit, together w.to the r«wrt M 
the state ol to e Lcm pa.i v~s *8* 'm 

and thp management thereof, the 

Annual Account for the MSI finantijl 
, yaar to toe Supervisory Beard, 
accomoanlad by Cfw ecplanalonr note* 
thereo n. 

>1 Managing Dlreitors 
Shall each year, not later than tour 
months after the close of toe 
. financial rear, submit, too ether with 
the AnnSl Report, toe Annual 
Accounts tor toe past , financial war 
i to the Supervisory Hoard, accam- 
I can led by the explanatory notes 

(b| r 00 Adjustment o» to e Ar ticles i d 
I Association lx eoanection with 
the wKhcbwal of the five, and 
a half per cent cwnUUni 
pr e fer en ce shaves 

artido 4 paragraph 1 
fttunt text: .. . , 

I 1. The author lied capital of the 
Company amounts to two billion 
Florins (FIs 2.000.000.000). divided 
Into five hundred thousand sbt and a 
, half per cent cumulative PfllWJT 


shares of one hundred Florins (FIs 
100 ) each, fifty thousand five and a 
half per cent cumulative pnrfereflee 
shares of one nun dr ad Florins .(FIs 
100 ) each and one hundred^ ninety 
four million five hundred thousand 
ordinary shores of tan Florins (FI* 10) 
each. 

Proposed text! 

The authorised capital of the Com- 
pany amounts to two billion norm 
(FI* 2.000,000.000) divided Into tlvo 
hundred thousand si* and a .half per 
cent cumulative preference tiaras ol 
one hundred Florins (Fit 1 00) each 
and one hundred ninety five million 
ordinary shares of ten Florins (FIs 10) 
i each. 

article 39 paragraph 1 
Present (ext: 

1. Out ot toe profit, os shown, bv 
the confirmed Profit and Loss 
Account, ff sufficient Shall fro BaM 
first at all on each 6i z Dec cent 
cumulative preference share six and 
a half Per Cent on Me nominal ww 
and on each 5 it per cent cumulative 
preference share five and a fra: 1 per 


BY OR0FR OP THE 
MANACEMFtaT 
PO Bo* 073 
Rottarnam 

Dated this 20th tiav of March 1987 


iiiEEii^ 


ROBE CO lu.V. 


ANNUAL GENERAL MEETING 
OF SHAREHOLDERS 
to be held on Tuesday, 7th April 
1987 at too HBtcm Hotal. Weeiu. 
Rotterdam, at 2-30 pm. 

AGENDA 

i Tfc*rwSra and adOM toe Raxrt 
of toe fiUnaglnO Dlrectara fer 
the financial yexr 19R*. 

1 To receive and adopt the Annual 
Account for the tfihncM year 

«, To ^qtermlne the appreortaHon 

% the profit. _ „ 

compose the Beard of 

53jC , "S rt D,, S" "cronwr wBt 


—The Earl of Cromer wBI 
retire by rotation. It will ha 
proposed n rewtiect Mm. 

It will be proposed to 

appoint Mr Th. M. SehoHen. 
a Supervisory Director wnu 
effect from IK July 1987. 

To compos* tiro Board of 


Managing Directors- 
It will b* proposed to apoolot 
Mr F. Korteweg, a atoMglng 
director of toe company. 

7, Any Other business. 

copies ol the full apenda and of the 

Annual Rwrt foj 1956 can na 


Annual 

obtained trwn National Wcatmirrta- 
Bank RLC, 5tocK P«M Eervloos. 3rd 
Floor, 20 old Broad Street. London 


EC2N 1EJ. 

Haidars of Share Whrrwta to Bearer 
desirous of attending or beta* . rep- 
resented at the Meeting should lottoe 
their Share warrants by Hfi.iw.jg oamr 
deihWMs will not be acteOtad tar 
voting purpose*! vrirr. DwNatlorAl 
Wectmlnstar Bank f LC. 5totii Olfrci 
Servkus, 3rd Floor. 20 Old Broad 


Spate. London CC2N ICJ.C&eCMen 
toe hours of 10 am and 2 pen) In 
exchang e lor » 

than Tuesday. Slat fifiaroh 1967 . 
Beneficial owners whose . Sharp 
Warrants ore presently deposited 
with a Bonk mu st, ob tain a 
Certificate of. Dapotlt Honed by the 


cenoun or uemwc 
Bank us evldem* tha t... such Ba nk_U 
yeor holding toe. _Snare Warrants.. .The 
Omtiftrata of Bepotit must be tadoto 


ieilrKt reSpCby that Bank, wito 
8e^ Nattaml 'Westminster Bank PLC. 


the PUPOMI maw. riA., 

| inttcorrtuu wtth tM mulMfncno 

Se* - mcSST’for ttoStore Warran ts 
or Cortlflcate of Depotit Mil con- 
stitute evidence of a shareholder's 


I smuEf aviDCnvc ui bi MtoremiHrei a 

entlMetnont to attend ana vote at the 
Meeting and should be P res e nte d, pr 


presented, pr 


Slrffir™ Meeting HSi. H a 
bolder desire* to appoint a pmrr. 
Who need not be a member of toe 


wno new TO* TO • i™,™ 
Company, to attend and vote In his 
i steed, a form of proxy may be 
obtained from the Nattonal West- 
minster Bank PLC *» above end twt 


torm of proxy must be .pres ented , at 
the door of toe Meeting Hall tosettier 
with the receipt for the Share 
wirraniTor Certificate M (tepotit. 
Beneficial owners of Sub-share 
Certificates rag titered In (be name 
if NsflOMT provincial Bank 
(Nominees) Limited OBjmsi ol 

attending or b<*no reorcsen ted xc 

i hr Meeting must obnfn a receipt 
or Certificate of Deposft In toe same 
way as boldtre of Share Wairanis 
to Bearer. If they desire to attend 
the Meeting In person or to be rep- 
resented tow pm obtain . » tar™ 


must obtain a form 


ol prow Honed bv National Provin- 
cial unk (Nominees) Limited, which 
torn, must be presente d at . the door 
of the Meeting Hall, together wwi 
toe reert or exchanged tor »• Sub; 
stare Certtflates or Certificate of 

BenetcUl ovmars of Sub-stanai 

reolswretl In any name dtnw tnan 

that of National Provincial Bank 
(Nominees) Limited. holders of 
Reg (stared Full Shares and Share- 
holders who maintain a Shareholders 
Account with me Company wishing 
to attend and v ote a t the Maetlng 
or to appoint a proxy to attend and 
vote In toofr stead, man: signify 


NKtariaM «e VV <«_ >•» ««" 

sS^’comJSm £E "« e^red into 
With tfte Director, vtoo hojd offitn 
in arrordance with to* Articles Ol 
Association. __ >TJ _ 


BY ORDER OF THE 

MANAGEMtur 


PO Box 973 
Rotterdam 

Dated this 20th dav of March 10*7 



RORENTO K.V. 


ANNUAL INFORMATIVE MEETING 
FOR SHAREHOLDERS 


to bo bald on Tuesday. 7to April 
1987. at toe Hilton Hotel. Weena. 
Ronerdun, Ot 11.00 hours. 


AGENDA 

t. Opening. 

2. To discuss toe Mhugoneift 
Report concerning the state ol 
affairs and too Investment Ooricv 
pursued W to* past financial 


3. To discuss the Annual Accoun ts 
tar th* financial year 1986. 

4. To discuss th* appropriation of 
the profit. 

5. To discuss , the composition of 
to* Board Of Supervisory 
Directors. 

--•me Earl of Cromer will 
retire by rotation. It win b* 
proposed to me General 
Meeting ol Shareholders to 
re-elect him 

—ir will be proposed to toe 
General Meeting of Share- 
holders to appoint Mr TTvM. 
Sc ho) ten ... a Supervisory 
Director wtth effec t from in 
July 19B7. 

6. Any other business. 

Holders of Share Certificate to 
Bearer desirous of attending . or 
being represented at the above 
stated Meeting, should lodge their 
share certificates, by hand (postri 
deliveries will not be accepted), with 
the National Westminster. Bank PLC. 
Stock Office Services. 3rd Floor. 20 


(b e tween the hours of 10 am and 
2 pm) HOT LATER THAN TUESDAY 
31 M MARCH 1967 IN EXCHANGE 
FOR A RECEIPT. _ _ 

Beneficial owners whose . F*»re 
Certificates are preaontiy deposited 
with a Bank must obtain .a 
Certificate ot Deposit sinned by to# 
Bank as auldent* that v*ch Bank N 
holding the Share Certificates. This 
Cortlflcate of Deposit muHM. loogeu 
against receipt bv ,tb»t Bank, with 
toe National Westminster Bank PLC. 
In accordance with tne requirements 
stated above. 

The receipt for toe Stare Certificates 
or Certificate Of Deposit w-ji con- 
stitute evidence of a shareholders 
entitlement .to . attend . _ the 
Meeting and should fie oretemted ut 
the door of Ifie Mnetlm Hail, ff a 
holder desires to. appoint a prosy, 
who need not be a men* or ol 
the Company, to attend In hit 
stood, a form of proxy may be 
obtained from ton National West- 
minster Ban k PLC « above and mis 
form of proxy must be presented at 
the floor Of Che Meeting Hall together 
with the receipt . for the Stare 


Certificates or Certificate of Deposit 
Shareholders who maintain a Share- 
holders Account witn the Company, 
wishing to attend toe Meeting or 


appoint a proxy In their stead, must 
signify their Intention In writing to 
The Secretary. Rorento. N.V., elo 
A vlren to B.V- Heer Bokeiweq 133, 
3032 AD Rotterdam, Netherlands., to 
arrive not later than the date 


Although proxies may . attend, votes 
will not be cast at the informative 
Meeting. 

Cooles of the frill a Den da can be 
obtained from National Westminster 
Bank PLC at the address shown 


Arts 

Week 


F [S ISh|M jTajWjTfc 
20 21122 123 124|25 1? 0 


Exhibitions 


French drawings: At the begin ning of 

tha 18th century Louis XHTs feme of 
the grandiose gave way to an art 
mart tptfiqiriw, -mare A 

pew generation o£ artists around 
Anfnfaa Watteaa int ro dn cod colour 
AS wall as a lightness al touch into 
their drawin gs under the influence 
of Venetian and Flemish masters. 

Musee du Ivaovre, PavfEoa de Fiore. 

Closed Toe. Ends June L (42803628). 
gctobnndb *nip p« M lri i 4nfi cf 341 en- 
gravings is exceptional for the 
proofs showing the stages of Bern- 
braadfa creative process aod to iro- 


toX^'utentkm to wltira to tta ntimdfXX 

gSIm 133?°3^Z A^VotterSS: ^ 

Netherlands to arrive not later Chan I I drSWXWWt 


LONDON 


BY ORDER OF THE 
MANAGEMENT 

Dated tMs 20 th day of March I9fi7 
St Maarten 


Music 


Borne, Au dito r ium in via DeDa Concflr 

ixrinnn’ PpTvter poki coodocttug 

Shostakovich's symphony no. 14 
and his own te deem (Mon, Toe}. 
(6541014). 

Borne, Teatro OJtapfco (Piazza Gm- 
tfle da Fahriano); Alexandre Lost- 
quich (piano) and Pietro Borgonovo 


(Oboe). Schumann (Wed). (393 304). 
Ddbl, Oratorio del Gonfakme (Via del 


Gonfalons 3AAk FaWo Bkmcti^vidr 
in), Maoririo Naddeo (cello) and Ri- 
naido Atessandrini (piano). Trios by 
Haydn and Mozart (Thur). 
(6875952). 

Borne, Teairo Ghiaae (Via defte Foma- 
d 37): Mezzo-soprano Jean McPhail 
accon ga niad hy Constance Chan- 
nan-Doogiass. Mozart, Wagner, 
Liszt and Donizetti (Ine); Giovanna 
hfnvtW ( mpran oL Donizetti, Merca- 
dante. Tost! and Bellini accompan- 
ied by C3iristnpher Arwortiiy (Wed); 
piano recital Iqr Gynrgy Sandor. 
Beetiwven, Schumann, Bartok. De- 
bosay and Uszt (637 2294). CDns). 


LONDON 


Bx^Mi Chandler Orch es t r a d ir ected 
by Josef Silk, viola, with Ernst Kov- 
acic, violin. Mozart and Dvof&k. 
Barbican Hall (Toe). (638 8891). 
Acade my ot St Martin-in-the-Flelds 
conducted by Sir Neville Martmer 
with Hfiin d f h t y» Qo. Taugh* 

an-wutiams. Scfanmann. Faur6 and 
Beethoven. Royal Festival HaH 
(Toe). (828 3191). 

Gervase de Peyer, clarinet with the 
Amedeos Quartet and Gwenneth 
Pryor, piano, Gynrgy Rmk. violin 
and Peter FrankL piano, pmimwi 



Financial Ttmes Friday March 20 I 96 T 


THE ARTS 


and always kCoeyncratic that 
makes its pdnt The Brfti ih. do not 

fit easily into schools and pressure 
groups of lasting or particular inflp- 
ence, but inividiials bear compari' 
ssm with the best Of tbeir foreign 
peers. From Sickert and Paul Nash, 
Gwen John, Matthew Smith and 
Stanley Spencer, to Bacon, Read 
and Aoerbach, there is much in 
which to take real pride, gpggorea 
by BF, the show ends on April 5 ana 
moves to Stuttgart 


■ jSBBHSfrSrSS 

ednhirim hundred hy_^aJ|ia^ ^S^a Isabel S3, r 


Wrefioas. Cenro m nwu 

SkUSuAtaWa-End.Jim,' 


those 18th century hovmm 



bed firing (OK* « £ 

nice. It Greco m Home). wftp* gg 

sfisssiags 

at examnto of the genre, the pn«- 


mmuwDS 


signs for possdde &ture iatesjow. 

Ends Mar 3L 


WEST GGBMANY 


Mmdch, Lenbathhans, Luisenstratte 
33: Franz von Tanbwob (1B38'1B0^> 

Th* mintof Tmct lifmo ttf bofit a P** 

last mfiw Kalian rroaisaance sfade, 
fpi-cW in 189L B3s widow then 
sold it to Munich m 1825. To mark 
the 150 anniversary of his birth, fe 
r ombre* VxDa win. be redecorated 


Ends Mar SL . 

ffTO. vnia Mafic fc Sartre and An. 
The ptetsres Jeanfaal ‘ S ntre 
wonld have chosen tor Ms owniww 
joug^m- and a very odd rejection 

Tfaty gnri Smw do BOBU WhT ID 
iraL ttseiher wife his cammenls, 
Aiesaubv 'Cabkr, 
Giacometti, David Hare and others. 
The exhUxtion indodrai nunw so w 


Awteterf aia. Wenwe Bwfc Thanday 
the opening nl fix annual Art 
sod Antimes Tab. tUa year com- 
bined wm a spedal eahifattton ct 
Treasnree from 13m Ntetme Sark. 
Eads Apr 5. 

iewyoiac 


r . ^js6* 




tings of fee artist. The 


genre scenes, portraits and aento- 
portraits and hfnBral scenes testify 
to the div e r s i ty at inspiration and 
feo technical mastery cs the wdnter 
who waa the first to co nanw enr 
graving as a antonmaona artistic «e- 
presstoo. Bihitotfwwpm Rationale. 
58, Rue Ends May 3 

(47038126). 

Gerard Lacrtfoier: fee artist celebrates 
his American inspiration by his 
i^mim ot thffrti ffs ~ Amfaocan loo fc" 
ball among others - and by Ida style 
- hyper-realism, tempered here by a 
ploy of transparencies expressing 
movement Jean- Pierre Joobezt 
Gallery, 38 Avenue Matignnn. Ends 
Apr W (45620715). 

Daniel Boren. Baring acquired fame 
with his coDtrovenoal cdhmrns In 
the Palais Royal gardens, Boren, ob- 
sessed with vertical stripes, has tok- 
en over the exhibition spaces of the 
Musfee das Ar ts Pfe oratifs. The 
stripes covor everything from a spa* 
rialty erected staircase to chi n a 


In several rooms. Lenbach, edeteat- 

ed above «E for bis portraits, stao- 
ied at fee oraMV m y tor acts in Mu- 
nich under lC*r) too PBoty. Ihds 
March 29. 

mo, StSdtisches Kanstimsann, Bar 
thems^sre 7: A rebo^wetive by Au- 
gust (1887-1914). Bom in 

Meschede, Madre shafied In DOs^- 
cksf TMi n under Lovis Co- 
TT T rf H, He fed m"** of bis wuric in 
Boob, and was responsible for a 
new art form Bhrintsche Expres- 
skmisten, bebax the First world 
War. Bis jonmey to tile spring of 
1914, wife Panl Kbsai and Locos Mop- 
let, to Tnnis b w c rm w* a luuiimaifc in 
art Mstary. In fee same year be was 
aeait to fee fremt in France, were he 
feed, and 27 in action in C h am - 

pn gr ^v , Bviri* May. 


_ both jJraM and wife de Beomdr 
on virits to China, Cuba etfc On fee 
whole fee wnhs Sartreww fld teve 
chosen far his museum are depres 


and teE ns notiring new about fc 

Bwdy Apr 15. 

ware, Pinacoteca.fe Bren: LnpcM- 
ffirorwri huntings from Am ato 
Unseoms— CTworiis from fee spies* 

fed cdQectiDBsbeM by Urn Metaepot 

itan in New Tosk and the National 
GflBny far Washington. Includes 
Mata by Boufen, Ofaa n n ft , Corot, 
Degas, Van Gogh, Manat, Ptoano* 
Better and many others. Ends Stay 
10- 


1BM (UOary: This free BritMlwi 
spot* brisfft to New York dnu cn- 
raiad elsewhere, like the present of- 
fering ef Pacific Itiand masks and 
’ fltaiues from fee Tribal Art Ctebe 
in Bred and^ Mexican textiles fawn. 
» tribal weavers. JSada Ajxfi JSL 

57fe& Mafiuon. 1 : . - •; 
Mmunn irf Ma dw n a Arttlha flat me- 
Jor retrospectiw hi two (feewfe* d 
Bud SJee jndndes lSO petotffigs 
■ and enutoedoura ad Wdrawfogs 
and p rin t s, tone by amngemeot 
wife fee Kfae Foundatam in Bem 
. which has rexe(y]erifeem.(fodiM- 
- ihglaMfrfoea^paSaanff.to 
lato Ji^^nda May 5 L '7 ; : . 
Ifo y a* WwpE'; tifeacy:- Ybitog 
.. Queen Vktoria, in exhibit of anto- 
griqfe- nam cr fe b fr httBjfr draw- 
togs and (fewir^ memeriMBa eent- 
mexno M tefec : UOfe aa n taena g ot 
' the qoeai's aecemkatofeeferone. 
EodBA^flU. . 


J ' 

•mr-J 
" - , - 


J? "5*' 


Iri) V." ■ 




, .-•.-.■j 

. . - i^TO-4 

J ■ "u f 






■ riJ.I 


WASHMOIDM 


to television screens. The colour of 
the stripes may vary, bat the inspi- 
ration does not -and fee initial snr- 
prise tom* quickly into a trmg 
ur awn-out' ™m- Mnsee des Arts 
Dtooratzts, 207 roe de Hirofi 
(4260 3214). Ends Apr 2S. 


The Boyal Academy: British Art in fee 
20th Century is a major exhibition 

full of rtvfw Hff yet to av ta rif 1 

misleading. The mistake was to try 
and give a ganprehenstae o v e r view 
of "fee Modem Movement? - fee 
show’s subtitle. Bat the subject is 
just too tag and fee gaps are obvi- 
ous. Concentrate on what is there, 
rather than what is not, and certain 
strengths in British Art in this cen- 
tury do manifest feemsetaes. The 
Abstract tradition and its develop- 
ment d e sta w e s a show at its own, 
but here it is the figurative tmfi- 


Venktc Palazzo Grasst The ardmbol- 
do effect; a ra irfatiiF stimulating 
exhibition ce n t r ed on fee Defected 
2 gib ramiHiy jdanes® zsasnerist 
painter, Giuseppe Arebnboildo. 
Mocb apparectated in Us own life- 

tinw fof hri i*i tru/w tf mm y 

site portraits, in which the foatores 
of fee sitter would be co mp oa e d of 
fee tools of Us trade. - Bits, pans 
and vegetables for foe cook (which 
turned upside-down becomes mere- 
ly a stathto) or boohs for the Hbrar- 
ian. - Aredmboklo spent nmat of Us 
wnriring Me outside Italy, in fee ser- 
vice of three Hapsburg emperors. 
rncTorfed is Us arresting portrait of 

Tfrwlftlf U as fhp B fmmm ii ggd Ver 

fmnvi , tmiAi r»p o£ fr »i* u mgetaUes 

xml ^aarif nf ixyin- Wio turivi hUjog «jfm- 

tahzs works by ArcimbaldO's prede- 
cessors, safe as LeoaardOv Borer 
and 2%Mdi, as weB as those of artists 
active in fee eeriy years of the 20th 
cc&hix^* It sfcbnfljjAv to jiw Boks* — 
some obvious (DaE, de Chirico, Man 
Ray and Duchamp). Ends May 31_ 
Turin: Cheolo de^i Artsti (Rfexxo - 
Graneri}: One hundred drawings by 
Bodta from the task years of Ids fife, 

olrvuvrir »T1 f lutin g fee 

tom , to var io u s noxeissis- 

tic and every day poses. The draw- 
ings have been chosen fay Qaocfie 
Jandrin, fee curator of fee Bodta 
Sfirsetmz in Tads, trom its oaDecfiOB 
of almost 7,000 graphic woria by 

■ ttn/Kn Rvft lf« yli W 


Ben Ifidtoban (1894-1862): 
English abstract painter who keptto 
hia fahaxns wife remarkablB conton- 
cy. ffis xyimtingT * and idiob m 
nasnctitoSy inspired and derim 
man the aasterer fonns af cubism. 
Wig yfq ft T n e tx y op te frwut n nw i pfa g 
imrii weH after the Second Wtod 
War, producing tamoebrome sAefo 
that reBed fimfeUr dXect not fee in* 
tajdqr of Booty rotated surfac e s . ' 
SxtjMix weeks on baa by fee Tata 
GaBery, the Menu and Gnffien- 
tte fr w , the T f i rorilumu arid 'PhflffigS 
collection, mosfiy from 1918-196L 
Fundacion Juan. Manfe. CesteOh 77. 
fiats March-29. 

Mafedd, Jams John* ■ re tiuep e rtlvn . 
Bom m 1930. this North American 
artist^ wife HauB cfaen b etg , waa. one 
nf tH* wnjfriifra f ri pttp «ft inflnray . 

ring fee comse of art to many dec*, 
ado, 100 paeces paintings, coBages, 


flf ftftn fttkymti Mmi 

.explore* fee hg ^t tefart and tech- 

. ham c miUn y 

Ti^fE i wnp^*tr ^£i ^^ j • S&VRp loftans 

todtotottoJBnda lunrlZ.' •, 




CMCAOO 


ftm -IM Of J^ i ^^ r Sargent» 
mduttags, wateccobun. end drew- 
ingsproridesfeefitst major or*e-_ 
.view of fen artafa wofe in 60 yearn, 

■Wi m»nynf him tawwwtm faMiBg ft 


j> -r . . 


: i-jz };:rr 
- . ■« 

, jHtro 

■* ct 

■a g: ri 17'. 


Wtflf man yp f pflp rannnam fnll-terig tl] . ^ «-■ ... i 

flira-te j il l* ! »l img n iill i hn ri M. '« iMi « null • Ji-‘‘ 

mtom^draBrimpi. Ends April 1&. . ^ S'- * 


TOKYO 


tol and bronze can be Been. Centra 
de Arte Betas Sofia Starts Isabel SL 

Ends Aprils. ' ' 

'Madrid. Gsltel and Gemm Britiri) 
Artists exhibit i^eetaaiisr anreb>- 
Arfmwi m H«foa scufatiares damn- 
strating da^^r^ariode Teiaa- 
quex, Retiro Faxfe. Ends Mar 2tL 
MfoMd, Agostin Ibarrola. TUtumpe# 
fere af Baaqw! artists work, tows 
1,000 etUbrts: drawings, enpto 
logs, ofi TuiiwUngx c e t db oarda. 
w u od w ra k of 1W-8I. A. morel 
wetodfog 20 tons and .ttO.rafiwaqr 
. tram carefoSy and worked «i 
show at the Betiro Paris, macta de. 
CdateL End* ApriL 


20fe OBtdarf tup expaoent af Mexi- 
can art, fids show offers an. ample 
txtdec&mat fait wRto'tadndtag a 


rfiiilBrrn amlFletnre Beekafreua. 

fee Spencer CoOectkii of NewY«to 
' Tribne IAmy. TUs ejddhttipo, 
-. which has toured fee .US, consists of 
43 sdndto and 22. iBostrated books - 
all Japanese afojactx. ScroQs are 
camDleto, and the most intenstinff 
tachzde Mr’Sgit .ceutuiy yOSSgnt- 
. phta satns, man freon the llth 
■' centmy Tale of GanJt and-rf to 
etyday Mb In fee Edo period flTfe- 

stovb^cM. J&a®iaoiS'fee btody 

n - v- ; m M i_ ' J- -T»_ 

*7jQ nTinlaltir ^ i|lhh i QT ngnQKjyira 

. (known as e-uxaki). They are espe* 

. 'daBy yahuUe for fen imdghts feey 
'offer frifn Wiriii i hifftoTT- Ttw WriL . 
umcf tfaalnog himdheldsgriB wife ■ 

. ita predre drawing water- 

• cofoitt petmitawbri* a n lL op ohtoad 
somea . imp nBghfo fo ^fee ta gger 
acre cna and p ainting i. Sunhay Mo- 
' aeanotArt, Aknsoka, wititin stroQ: 
fits (fotence at New Oteni and Akw- 
aas 'Frame batals and 
- ratantid torn over fen dtp. Ends 
-:Mbt 2Z Qosed Mondays., 




nicZ 

“"1 'itir'-'- 


r~i? «!: 


ls Ti‘^“ 
tss. i 


cr c t: i*c- 


cri: 

sxj:: ITT 


Pic 


- y.* t A" ■ 


mH Bartok. Queen EEzabefe Han 
(Tne). (928 3191V 

BBC Symphony Orchestra conducted 
by Sir John Pritchard wife 
iPwhMinn cUio. WoKon, David 
Matthews and Strauss. Boyal Fes- 
tival Hall (Wed). 

Boyal Kiilhannenic Orchestra con- 
ducted by James Judd wife Howard 
Shelley, pfiTyi - ttoffii , Bariuuani- 
dov fold Beethoven. Barbican fW l 
(Wed). 

London Symphony Orchestra and 
Choree concmcted by Richard grit- 
cox. Stravinsky and rict'flmmn 
Bertncan Hall fErar). 

Boyal PhHharmoafc O rchwlre con- 
ducted by Sir Yehudi Mamhta wife 
Arm TeBeisen, violin and Hakan 
Hardenbmger, t rum pet Grieg, Mte 
xart, Haydn and Men d e ls s ohn. Boy* 
al Festival Hall (Chin). 

Itatofe Ch a mber Orchestra conduc te d 
by Carl Davis And Andrzej Paonnf- 
nik wife Hobert Thompson, bas- 
soon. Barfok. Panufnik, David Mat- 
tfaews and Tippett. Queen El iz ab eth 
HsQ(Zhnr). 


Ovriiestin'ie Faria' - Btamdw ntode 
Bahfi, Britten, Fntncaix (Dae 
tUSpmJ-SaUePleyel (4563 0740). 

Ordwtn de Faria conducted Ijjr Pi- 
erre Bodies: Merman, Stntoky 
(Wed, Thu^. Salle PtayU 
(45630740). 

Mario Bduni piano, Isabelle De- 
deve, piano: JjCL Bach, Mozart, 
Brelnaa fThurL Salle Qntw 
(45832830). 


METHERCJUDS 


Ewa Fsdks, 


in, Britten, Tdmi&ovsiy (Mon). 
Thfetoe de rAtbente (47426727). 
Ddo BfhfiMim, baritone. Nod Lee, 
piano: Brahms (Toe). Salle Gavean 


piano: Brahms (Toe). Saue Gavean 
(458320301. 

Ensemble Orchestral de nuts con- 
ducted by WiHried Boettcher, Rene 
Dockable, piano: Stravinsky, Weber, 
Schumann, Schubert (Tue). SaDa 
PJeyel (456388T3L 

Orchestra Fiangdi fOntafafi con- 
ducted by Jean- Pierre Lure, Roland 
Ddassos cboir conducted by H. 
Basses Soint-Saens, Bizet. Abe). 
Saint-RodiChurdi (4281 9328). 


A m ster da m, CbasrMxmc Piano 
recital by Frfedferfc Stetadexs: Scfan- 
belt, Chopin, Sdmmann, Sdn- 
mfowi ^TJurt, 1 -l°7t Pt™ ) 

Bobayariti conducting fee Ifefen* 
ImiAi P MHinTwiQtn^ wife fruiiy 
Verfaey, violin, and Jams Starker, 
oeQo: Rossini, Brahma, Dvofik 
(Tne); The Ca ocgrtgebouw Orofaest- 
ra ocmtocted by Hartmat Haenrh- 
en, wife Andrei Gavrilov, piano: 
Honegger, Ravel, Schumann (Wed. 
Ttar). Recital Ball: EatritaOtavaky. 
rna n re Spier, ScsdsttL MbzarL 
Chopin, Ravel, Gina stera (M oq). A 
multimedia eveoing centred arouud 
a rare integral pexfo rau mce of Bar- 
tokk MllerrAmirmtvp Jjy Qaty 
Gokbdmeider, piano, wife Corine 
Beider, Petra van Oord nnd Laura 
Stavincto, maoos (Wed); Pfetar Wi- 
spehrey, ceuo, and Frank MU, pia- 
no: Beethoven, Britten, Carter, 
Schumann (Thnr). ( 718345 ). . 

Rotterdam, Docden. . Heinz Friesen 
conducting the Nefeerianda FUK 
barmofric chamber ensemble, wife 
Bees HUsmann, viotin:- Mozart, 
H h idenrit fa, Grieg (Mon). Easter 
concert wife massed chtdrs and * 4 - 


ra: Haydn, Schubert Chopin fOrart. 
(4142911). " 

Dtracht. Vrad e nburg. Ken-fchroKU>- 
| igasM c ondnctin g fee N M b eriaa ile 
' i ffiUKiuiiii ' fiMi Emmy Verity, 

vioSro and Janos Starter, ceBroRto 
atm, Brahms, Diifek (ffeQ. fin 

Ho fiw PfirThjpTroififo ' tmA w tla fp w 

■ Vook, wife-VtaiBmir-M^^dastoi, 
• vada, mcaBata and choir Ye flnm , 
. Staerac, Box, Debus. Vaughan W11B- 
. ' - amt),' Bousri (Thun. Bwif p l l^ lii 
. TbeMrioeQuBrtet:(3Rrahtai;jnre* 

- cek, .Brahma (Too ). . Sttpfaane Va- 

- rtguee wtth feanson settings of po- 

emu by Bandebura of Veriaiae 
fWed).pi45«L • 

MWtslagM, Cbcus Theatre, fitter* 

fql l n odnbonnt, lu —Umran r y 

roiudifffni UoafBtt% 
G t e niug cn, OoetoipoarL The Leonid 
Hambro FSano Quartet Bernstein, 
Mozart, FhnrA, Dukas, Anderson, 
Gershwin, Shostakovich (TOek 


(131044). Maastricht, 
The Am ste r da m Bach i 


The Amtordam Bach Soloists:] 
phe). (21 33 80). • 


TOKYO 


Gary tom-Yves T Uh aut. jaano. 


Bcdt aUMjM^ |S45B348, BMB). 

Ofo — A ji— felt. Yjvahfi, Unnft , 
Martin, Herb , P x g ln l n l , , Ptuxto. 
Sontory Hall (Tne). jpnSStt; 
237 9990). 


Cycle of Beethoven Piano Sonatas. 
Op. 27-1.1M, 90, 83 (Mon); Op. 28,2- 
3, 78. 100 (Wed). Suntury Bril 


otefo o ao duct ed by Pieter Sfolk 
(Wed). Recital Hall: .Ths 
Conacrt wife Marieke Btankesttin, 
ptano: WvmhH, Mozart, Radi, Bartok 


fe lwita Rafis 

ehestre, Mahler, SibeHna. 
sored by Tbdttba. Smttmy 
ptaaM*tt*OU, 980 6060). 


1£'T| 


Opera and Ballet 


NOTICE OF PREPAYMENT 
ISTTTUTO PER LO SV1LUPPO 
ECONOM1CO DELL' ITALIA 
MERIOfOMAJLE 


USX 75,000.000 

Floating Rate Note* due 1989 


In accordance with paragraph 
"RedwnpUen and Purchaxo of 
CtiB danriptiOfl of tfw Motes, notice 
la hereby given that lavaimer will 
propay at par all ol tho abavo- 
mantioflod Notes on tha Interest 
Pa^nteat Data tailing on April 21, 

Payment of Interest duo on April 
21, 1987 and roimburaament of 

principal will bo made In scconi- 
anefi wtth the doxcription ot tha 
Notes. 

Interest will eaacs to accros on 
Noua as from April 21. 1967. 
Lraaabwng. March 2a 1SS7 

THE FISCAL AGENT 
KJREDIETBANK 
8. A. LuxetniwurgaoiM 


TtM^rO 

Blgoletto, Ttrityo Opera Institute: The 

final event In Tokyo's aUJapanese 
Spring festival of Western Arts. Cast 
includes ni^j* Tamanmn , Kbqji 
M izuho, EBranti Hayasbi, Takako 
BGzuso. Tbkyo Symphony Oitiheflt- 
ra conducted by Volte Renkto. To- 
kyo B t mkft Kaikan. (The, Wed). 
(3697020). 


La'Tarifie da Ceraaeor Peter BroakTa 
renowned nd ginxi pn*if%n Xhe 
Peter Brook Company directed by 
Brook himself has been chosen to 
celobrnto the cpmfog of Ttakytf g lat- 
est theatre; the Ginza Samoa. 
Rj gnjflunnt j tovi | 1* A* M te xbri win 
tfTl raw! April- fSnm Sxrturai TTmntfC 

(5350555:9806688). 


mantle actitm against a background 
of fortificati on s, and towers which 
evoke the faeltag of danger, fens 
making Elvira's folly credible. Op* 


TTnfflnP s f P udt ax & TheWelsbNatkm- 
al Opera's production aets the m- 


Dm CSoYtisd conducted by Strain 

Camtaefing to Brussels National 
Open production wife Jon van 
Dim, Ashley -Putnam and Stuart 
Burrows. TMPChttUM, (423300) 

La Tnniiffudn h r^ nrni tem- 
jtay by Grirges Appatx: 
after Homer's Ulysses; Centre 
Geoigea Po mpi do u (4274 421S). 


Ballet Mnia mi w oriefarataa to 5Bfe 
anniversary wife a sutte of trafir 
tiouaL R u s s i an dances, wife Puli' 
sto fighters, A Day on a Boat add* 
Winter Cetebration at fee Palais des 
Gntgrea (47420T44). : 


Don Carlo att em a ta s wife Vardfr 
-Mean da -Reapiem conducted ly 
. Georgw Vrten at fetftorii OjtoS 
(42665022). ’ V : ’ - rTl 


Coatunied on 




Sie erhaltea die Financial limes im Abonoement 
durch Boten zugestellt. 


THt COMMERCIAL BANK 
OF THE NEAR EAST PLC 







NOTICE JS HERESY «VBN tut On 
Stare TRANSFER BOOKS Of dta «bo*V 
CMtaOnv foil te CLOSED (ram Hr* 2nd 
April to the 9tt April, 1987. both dm 
inclusive. 


By Order, ef the Beard. 
N. M. . -GOir, 

Secretary. 


&** 


Naheres erfahren Sie 
von Financial Times, Europe Ltd. , GuioHettstr. 54, 
6000 Frankfurt, TeL 069 J 7598-0, Telex 416193 


102 ^ 1 ^ street 

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%nes BWday March 20 1987 




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^s. .- 




THE ARTS 


Cinema/Nigel Andrews 


A lunatic charm in the life of LA 


tout 

diMCtedh3r 
gWtet Otfa directed i, Lizzie 

I» IMa In Lotus-land worth 
the free lotus? You only have 
to spend a week in Los Angeles 
£*■"» °«* Nature pours her 
"°™ty E? 11 ® 070 everyone: 
?“/ heatth, beauty, sea, palm 
trees. But the result of such 
ease and largesse Is to produce 
a race of people who are to- 
ws dosest equivalent to 
ukeknoVs tragi-comie self- 
obsessjves. Exiled by indo- 
Jfuce, they spend much of their 
lives contemplating their 
navels. And once you con- 
template your navel, you start 
to get dissatisfied with your 
n avel. Then yon start contem- 
plating other people’s navels. 
Then yon realise their navels 
might be better than yours and- 
you start to get jealous or 
lecherous or aggressive. . . . 

Fairly soon Paradise on 
Bart h. West Coast division, has 
turn ed into an earthly com- 
munity like any other, beset 
by stress, aggravation and 
neurosis. 

In Henry Jaglom's splendid 
-autobiographical comedy 

Always, it is early July in LA 
Jaglom (played oy Jaglom) is 
-meeting his two-ye&rs-separated 
wife (played by his real ex- 
wife Patrice Townsend) to 
hammer out a divorce contract 
and eat a celebration "divorce 
dinner.” He has prepared this 
himself. It consists of a fish 
to which tragic things seem to 
have happened and it makes his 
wife HL Soon she is prostrate 
in their former marriage bed 
in his poolside borne. Then 
the house starts to fill up with 
weekend guests come to cele- 
brate Independence Day. . 

What follows is a Chekhov 
comedy over which some Woody 
Allen Tabasco sance has been 
ahafam: Mr and ICm Jaglom 
have no real idea whether they 
want a divorce or not The 
visiting lawyer watches them 
canoodling across the table at 



Melissa Leo, Henry Jaglom and Patrice Townsend in M Always 


one point and says, “No, rm 
not gonna do lt! M (But he 
carries on.) And the couples 
who swim into Jaglom'a home 
and pool — friends, sisters, in- 
laws— *eem one moment like 
a pristine advertisement for 
married bliss, the next like an 
awful warning about the 
horrors of ever s igning a 
registry book. 

The movie is as invertebrate 
as the filleted fish that causes 
disaster. But its structureless- 
ness is its charm. Anything can 
happen and does. Fads are 
swapped, neuroses run riot, the 
dialogue is in scat non- 
sequiturs, Zh one scene a 
friend’s wife is in the bath 
covering herself with grated 
chocolate. “ It simulates the 
same state as being in love” 
she explains, having read an 
article on the subject “Why 
don't you just eat it?" asks the 
lady guest who has stumbled 
in. “Aid get /at?" 

Two hours in the company of 
these people sounds like a 
recipe for a terminal migraine. 
But Jaglom, whose previous 
off-the-wall oeuvres have inclu- 
ded Sitting Ducks and Can She 
Bake A Cherry Pie?, makes the 
film souffle-Ught, unpredictable 
and full of lunatic charm. As 


actor, he also grabs and bolds 
the centre stage: a bemused, 
unflappable host whose stream 
of never -say-die bonhomie sug- 
gests a General Custer cracking 
jokes during the last stand. 
Alwoss is about the Beautiful 
People making the very best of 
the fact that life is not always 
beautiful. 

* 

A far cry from Elem Klimov's 
Come And See r which is an epic 
2 Hi our tramp through the fins 
of the Second World War from 
the Soviet director of Agony. 
A young soldier (Alexei Krav- 
chenko), separated from his 
platoon, wanders through the 
nightmare of battle in Nazi- 
overrun Byelorussia. He wit- 
nesses carnage, mutilation, the 
slaughter of his own family, 
and the burning of whole 
villages and their people. 

As in Agony, Klimov’s film 
about Rasputin, both screen and 
soundtrack are maniacally alive 
with detail, and the inventory 
of cruelty extends from man to 
nature. Our ears are besieged 
with the buzzing of flies, the 
harsh cries of birds or even the 
inner discords of shell-shocked 
tinnitus. And our eyes take in 
the full dynamic range of pain, 
from panoramas of destruction 


to giant close-ups of characters 
who peer pop-eyed at the camera 
like Diane Arbus portraits. 

Sense, however, does not 
match spectacle. The film is 
flamboyantly staged but self- 
defeatingly overstated. The 
camera surges like a creature 
possessed across landscapes 
heaving with suffering. (Its 
mobility across swamps or 
through dense forests is miracu- 
lous: it’s as if Klimov had a 
supernatural cameraman.) But 
as one enormity is piled on 
another, and the boy stares out 
at us with his unchanging look 
of traumatised stupor, the film 
seems to me to miss the point 
of Nazi evil: that it was the cold, 
relentless, businesslike roethodi- 
cality of its fanaticism rather 
than any crudely operatic glee 
that made the six-year stamina 
of its war effort so horrific. 
Come And See is a film in 
which less would have been far, 
far more. 

* 

Still, better this than The 
Fourth Protocol. Here we have 
the Cold War Frederick Forsyth- 
style. Deep in snowy Moscow, 
the KGB chief is hatching a plot 
to destabilise British confidence 
in American nuclear missile 
bases by smuggling an atom 


bomb into one of them and 
exploding it 

This would certainly destabil- 
ise confidence. But wait. The 
rest of the top military people 
in Russia, Including Ray 
McAnaily and Ned Beatty, get 
wind of this plan and think it 
is dangerously loony. Can 
they stop it and cover it up? 
And can British secret service 
agent Michael Caine, who has 
also got wind of it, stop it and 
ezjiose it? 

Everyone seems to agree that 
it should be stopped. Unfortu- 
nately it takes two hours of plot 
contrivances, grim expressions 
and toe-stubbing dialogue 
("Yevgeny Sergeyevitch— < what 
the hell is going on?”) to do so. 
Director John Mackenzie (The 
Long Good Friday, The Hono- 
rary Consul) cannot pump life 
into the spy thriller cliches and 
he finds Mr Caine in one of his 
more aombified moods, the 
hooded eyes and barrow-boy 
accent on autopilot. Mr Caine 
is in turn out-zombi ed by Pierce 
Brosnan (oka Remington 
Steele), superhumanly inexpres- 
sive as the Soviet agent sent to 
assemble what the press blurb 
calls “ the jigsaw of destruc- 
tion.” 

★ 

"You can handle any man so 
long as you know what his 
sexual trip is” . . . "Joseph is 
a light dominant session” . . . 
“I’ve always been a whore but 
never a groupie." 

In lizzie Borden's grimly 
funny documentary > style 
feature, we are a fly on the 
wall of an American brothel: 
except that the place is so spot- 
less you would not find any files 
there. Do not expect torrid 
visits to the bedrooms or scenes 
of carnal transport Most of the 
film takes place in the lounge- 
cum-foyer where the girls sit 
around between customers chat- 
ting. And it Is the chat that 
is irresistible. Just as there is 
honour among thieves, there 
are creeds of fidelity espoused 
by prostitutes: "You cant trust 
anyone." one girl says of a 
client, “they go to other bouses, 
other women." And at the 
centre there Is the splendidly 
ghastly portrait of the madame: 
a woman with a chintzy, genteel 
charm for all her clients and a 
will of iron for her employees. 
Madame Cyn, move over. 


Pictures of creative genius prove genial company 


'An 18 th-century portrait can famous actressportraft, Mrs 
tell you a great deal about ffiddons as the Tragic Muse on. 
the sitter. It may even suggest figures from Miehelangelo s 
what he or she looked like, gistine C elli n g . James Barry 




Academy, was never averse to 
sacrificing likeness to endow 
his subjects with the dignity, 
grace or genius c ommen surate 
with their public personas. How 
artists’ one specific attribute, 
genius, is explored in an intrigu- 
ing exhibition of pai n tings and 
prints organised by Nottingham 


UlUVUOl V *■ #1 . SVl 

Scottish National Portrait Gal* 
lery, Edinburgh, until April 12. 
"Genial Company” also re- 
veals how, un lik e today, the 
nation's great philosophers, 
scientists, poets and painters 
were revered. 

James Northcote’s Worthies 
of England opens the exhibition. 
His heroes, painted as a series 
of medallions on a chest, range 
from King Alfred and the Blade 
Prince to Shakespeare, Bacon, 
Milton, Locke and Newton, end- 
ing up with his master and idol 
Reynolds. The picture is unique 
in being the only painted rather 
than poetic or sculpted gather- 
ing of the great and good- 

Reynolds appropriated the 
language of religious art for his 
Rubensian incarnation of the 
singer Mrs BilUngtcni as St 
Cecilia. He based his most 


tended, as “something more 
«i»n a portrait.” By borrowing 
from the Old Masters and mak- 
ing Classical allusions. Reynolds 
not only ennobled his sitters 
but, by painting ideas; closed 
the gap between humble 
portraiture, low in the painterly 
hierarchy, and the more worthy 


The Muse as inspiration to 
the creative genius provides 
the subject fbr two of the most 
delightful pictures on show. 
Angelica Kauffmann, in a vast 
canvas from Nostell Priory, 
paints herself hesitating be- 
tween tiie Arts of Music and 
Painting, represented by two 
allegorical figures. Painting 
points up to the light-filled 
temple of glory in the distance. 
Hogarth’s treatment is wittier. 
For his portrait Dooid Garrick 
and Ms Wife he paints Mrs 
Garrick somiptitiously sneaking 
up behind her seated husband 
to playfully steal his pen — or 
is she really bis Muse guiding 
his thoughts? 

Widespread disapproval in 
literary circles of the use of 
pagan allegory in painting and 


poetry (portraits of women ex- 
cepted) may partly explain 
Hogarth's covert symbolism. As 
an advocate of modern moral 


attacks his two bog-bears, his 
artistic pretension and im- 
ported fashion, in The En raged 
Musician (an Italian violinist). 

Hogarth’s Self-Portrait Paint- 
ing the Comic Muse is one of a 
number of painted expressions 
of an artist or sitter's theories. 
Angelica Kauffmann's Rem- 


DnnuesquB iakuwi jrecjr- 

nolds is the most complete. The 
painter, known to be deaf, holds 
his ear, apparently listening to 
the adjacent bust of his hero 
Michelangelo, and resting on 
works by Goldsmith, Johnson 
and Burke. Beside him his can- 
vas is untouched. The artist's 
industry, he believed, was of 
the mind, not the hands. 

Francis Hayman’s loosely 
painted self-portrait at the 
easel presents a contrasting 
view of painterly genius. In- 
formal, nonchalant, the artist 
exudes the air of one who finds 
it all so easy. Reynolds’s tech- 
niques and study are not for 
him. This “sweet disorder** of 
dress — no wig, open collar 
and cuffs — was first reserved 
for literary sitters and later 
artists. 


To some extent artists were 
basking in reflected glory when 
painting contemporary heroes, 
hut painters, actors and writers 


draped, wigless and ivy- 
crowned. is thus immortalised 
by Kneller, while Blake’s 
tempera panels of poets are 


Arts Week 

Costumed from Pag® 22 


LONDON 

A'ssrsstjssji 

Gandnla Janowite t akas owr 
fie rote. Edita Grubeawak mow- 
Me Zsrbtaetta to the main reason 
for a visit f3S0 1068 ). 

3330 


Qrfp* ft ™* 1 Theatre. 

|ien and Lotto mo jun an- . 

(TO 58 78 ). NETHE 

Nudes: Carla Fraod and (Rbcorgfae . _ 

Jancq dancing Re map and JqHet; to 
Prokofiev's music, with choreogra- BngfisMpeakm 

phy by Roberto FasdUa. Abo, Befit- 

nTslfermacondnctedbyZntanPBa- Keeffe. a trilogs 

fen with catena Dimitrova, Marla ing the fortnm 

Dragon! and Nando Todtoco. 

(7072412)- (To* to Dmr). (! 

Venfae, Teatro Is Fenton La Bohemia . „ 

conducted by Emil Tchakarov and 

directed by FJera Faggfani. with Ha- - . ru, 

Scotto, Bai M KSwav anaka, El- “JSSriS 
- ens Zflto, Jose Cameras, and Leo STmrdmd 


wntordam, Bellevue The a tr e. The 
*S n irf m coffipp py 

pnaents ^knbarians by ^larrbs 
a trilogy of Short plays trac- 
ing the fort une s of three school- 
leavers, too white and one black 
(Toe to Thor). (247248). 

LONDON 


1 iiiilniiils — Mir 11 ** 1 ” 1 *- <n,a 

bar of Sevffle from the lWheritonJ 

Opera, an d dqdgnad jy : 

- — ■ u.« HMWinri* Phil- 




&Ko 


hprmamc wmdartn d hy Riensm 
Bocktey, Zehava Gd (Bowd. 

SSbBIpSSJIs 


Lm D eig n — as Unibaasa- 

doed: Christopher Bompfe 's mas- 
tery verson of Ladas’ epistolary 
novel is sexy, witty and wise, Hke a 
ooHsboration latstai Marivaux 
and de Sado. Howard Davies's sea- 
oat pre-Revotatfanuay production 
for the BSC has moved from the Pit 

with Atan Rkfanan. and Lindsay 
Duncan still betfllng and l i Hdiin g 
over tom s a sad otter riffr a ff . 
(838 8H1.CC 838 1171). 

HBmltls — (Barbican): Bareqr seen 
Shaw, end a much underrated play, 
giv en fim full RSC no des by John 
Caird, a Polish n e w woma n crashing 
into the surrey conservatory in her 

mouiDlaiie. Jana Lmotabe woridei 


M9 ngsSSSSSEaZ: 


Spriggs and newcomer Richard 
3d% (828 87W.CC 838 8891). 




STv*® 

r nmr).{5inW TnWgns 

•arSSSEI 

SSW**** 


rasas 


l hv tte iew*v — . 

B.d^5 

dibeacenftf^ 

teen K Human* 


aSTfc co. i 

ta , TUbuiS* SChnowtaJi 

Hon »“ mTJirtitDeldoooi, Or- 

ssSsSiS§K 

-JjgSS-lsieW 


The Phantom of the Opera (Her U*J- 
esfykh Spectacular nt emotionally 
antriwonal new tmdod by Andrew 

Lfepd Webber amphariring fee ro- 
mance in Leroax’s 1911 navel Hap- 
pens In a wanderfii] Rais Opera 
anfiaence designed hy Maria Itjonr- 
son. Hal Prince's alert, affectionate 
production contain* a superb cen- 
tral p erformance by Mkhad Craw- 
fbrd. A new, mwitorio c s and pal* 
pabto ML (892244, CC 
3798131/2407200). 

Woman In Mud (ftnidevffle): Alan 
Ayckboozirii new comedy has a brfi- 
fiasi performance by Julia UcEen- 

• sfoasadlsssttsfiednoiaewifovisN' 
od on her own garden town by an 


category of genial portraiture 
the sitters are projected as the 
genial company and good con- 
versationalists they must have 
been. We see the actors Charles 
Lee Lewes, Henry Woodwanl 
and David Garrick in rapport 
with their audiences, almost 
leaning out of their frames to- 
wards ns. Allan Hamsav’s 


frontal, direct portrait of Hume 
alludes to the philosopher’s pre- 
ferred method of communica- 
tion, dialogue. Ramsay immor- 
talises Rousseau with a hand on 
his heart. 

Home’s head; in the centre 
of the canvas, is lit by the clear, 
strong light of “ enlighten- 
ment" In contrast, Rousseau 
is illuminated by a soft, sancti- 
fying glow. Light is used in 
most of the portraits to sug- 
gest inspiration. In James 
Barry's portrait of Baretti, the 
Italian lexicographer's book is 
the light source — in Coles’s 
portrait of Sandby it is Nature. 

Depicting a sitter in profile, 
as an antique medal or bas- 
relief, was one of the devices 
most widely used to pay tribute 
to gentas. Alexander Pope, 


ium g ti H w y ueal family, rpftfdr bat 
to ny , in w bm quartan as 
vsQgintd drama; be not 

pat off by that (838 9987/5845). 

Ibid Stmt (Drury Lone): No British 
equivalent has been found for New 
Yorks Jerry Orfaach, but David Mer- 
ricYs tap-dancing extravaganza has 
been n urtu r mal y received. 
(8388108). 

The Heme at Benawda Alba (Globe): 
Inna’s last tragedy in a sn cces s fiil 
p ro d u c tion transferred to the West 
fend from Wm n i iMM iW, Nuria Ee- 
pext, veteran ftwnWi actreas/di- 
j rocto g, hw ilHliaii a higb -c a Hhre 
fed by rtl nmln l urt m Wirt jo- 
an Pknn^bt into a nearaaribesttie 
port ra yal of steam frustration in tm 
aHfHoate honettold onmnd by 
IW*, Hirfau.1 tS, 

peasant dan system, intimately ift 
OH a fait SnM i , but the . nmju i n y 
provides a roll-call of some of the 
best actresses around - aQ eefipsed 
by the ineffably tonchhuz Julie to 
grand. («TUSfl». 

TOKYO 

Kabdd (EaboUra). A danoodrama, 
Kesane, to the most anpeafiag in the 
matinee programme. The gray tale 
of an anenmtar with the skull d B 
i n n w tot ed man (hftw of the her- 
oine, Kasaua). When the spirit of 
the dead man possesses the daugh- 
ter, the resultant grotesque dfafl- 
goremaat takes place with full rel- 
ish - though hefHtiWwd by Kabnkl 
gtyibation. Mora blood na gore in 
the evBuog programme. Soga Man 
T W<nM an Goflhoaome indndestte 
to r tu re scene in w hi ch the jealous 
wife of a feudal lord beats his lover 
to death. Stars Tazoasaboro sad Ta- 
kao ap pear in both. Rmenent Ed- 
dbh ewohane guide avaflobte.Ka- 
h utou ^ ^ 

Moon Ttoupe in Nostalgia and Jeff 
and Boland. This Takaraaika phen- 
omenon, the antithesis of Kshnlri 
with even the male roles played by 


Belief in the idea of divinely 
— or satanlcally — inspired 
genius, anathema to Reynolds, 
returns to fashion at the end 
of the century with the Roman- 
tics. The heightened awareness 
of creation or its evolution from 
brooding and anger is depicted 
in a final gathering. Here are 


and penetrating portraits in the 
show — a senes of demented 
chalk self-portraits by Fuseli, 
and ironic quizzical self-portraits 
by Richardson and Romney. 
Gainsborough uncomfortably 
distorts physiognomy in John 
Joshua Kfrby; Mortimer trans- 
forms his Poet, loosely based 
on the “ Chandoa " portrait of 
Shakespeare— and Barry, him- 
self — into a frenzied demon. 

From an idealised conceit the 
portrayal of creative genius has 
become manic soul-searching. 
Desmond Shawe-Tay tor’s exhibi- 
tion and excellent catalogue 
(sponsored by Christie’s, and 
Marks and Spencer) provide on 
imaginative and novel interpre- 
tation of one theme in 18th- 
century portraiture. 

Susan Moore 


gtris, but with typical Japanese in- 
nocence and earnestness, to a must 
for visitors. It offers another Insight 
i nto the incongruous «»»* *; * of Jap- 
anese culture. Highly improbable 
plate an more than c ompensa ted 
for by spectacular, skilled stagings 
mil huge Detailed fti gBA 
synopses avaflabe. Afternoon and 
evening performances. Takamzuka 
Theatre near Ginza and main bo- 
tab. (591 1711). 

lfafc Mort peribnoanoes take ptara at 
mrrliimln r>o*»Ha inTbkyo English 
and Tour Companion av&fi- 
able at major hotels. Two handy 
nta» books A Guide to Nob and 
Guide to Eyogen in most hotel book- 
stores and at some theatre give syn- 
opses plots. 


NEW YORK 

Oris (Winter Garden): Stilt a sellout, 
Trevor Nunn's production of T.S. El- 
Hotfs children's poetry set to trendy 
music fa visually starting and 

riimw iyqifi ^nyMhyi hut 

only fa tim sense of a ratter 
and over Muam idea of theatricality. 


42nd Street (Majestic): An lurm o riret 
celebration of the heyday of Broad- 
way fa the *398 inctupontes gems 
from the original Mia fflmfHa 
Off To Buffalo with the appropri- 
ately brash and leggy hoofing by a 
large chores fine. (877 9029). 

A Cbm line (Shubert* The tagnt- 
nmnlng rorocal ever in America 
has not only sup port e d Joseph 
Fappfa Public Theater for eight 
years but afa* m w lala ri fim m muw ii 
grave with its backstage story fn 
which fim songs are sad as mxfi- 
tions ratter Bum emotions. 


Ik Cage an Fo&es 
some tunefid Jeny 




Six Characters in Search of an Author/Olivier 


Six Characters in Search of 
an Author marks the birth of 
yet another new National 
Theatre group. One imagines 
these groups turning up on the 
doorstep rather like Pirandello’s 
mysteriously fraught family, 
latching on to the nearest 

director — In this case, Michael 

Rudmafl — usurping the 
repertoire for a brief stay-in 
tiris case, three plays ■ be f ore 
returning to the real world 
across Waterloo Bridge or be- 
yond the Elephant 
This play has been a seminal 
influence on the century’s 
drama and If tbat is not enough 
to kill off its appeal to a con- 
temporary audience, the NT 
threatens to complete the job 
by cluttering the Olivier stage 
with a confusing old-fashioned 


(instead of another Pirandello) 
and peppering the new version 
by Nicholas Wright (from a 
literal translation by Gwenda 
Pandolfl who is given bottom 
billing in the programme) with 
tired cracks about such foreign 
theatrical customs as improvi- 
sation, dispensing with tbe 
prompter, and character motiva- 
tion. 

This is all very well up to a 
point, but there Is nothing 
elegant or breath takingly 
theatrical about the presenta- 
tion. The first Paris production 
introduced the Father, mourn- 
ing Mother, two grown children 
and two smaller ones in a lift 
that dropped spectacularly into 
the rehearsal. The big entrance 
here is that of Robin Bailey as 
the Director, a suave, aloof 
figure in spats and astrakhan 
collared coat who brings real 
thunder daps to obliterate the 
drum rolls. The six characters 
materialise in an ill-lit huddle 
to be told by “Hamlet" that 
they should seek out an experi- 
mental address — ■ “We do 
proper plays.” 

Although the setting is Italy 
in the year of the play, 1921, 
we surely have the right to ex- 
pect themes of jostling expec- 
tations of reality and illusion 
to be treated in a theatrical 
language that has not only 
absorbed Sartre, Beckett, 
Anouilh, Truffaut and. come to 
that, Stoppard, but also in a 
style that takes account of new 
technology. The Olivier is a 
large, exciting arena; Mir Rod- 
man's faffridwmsjy cramping 
production denies the .grand 
architectural sweep of the 
venue as well as the play’s 
sinister, flesh-tingling potential. 

Mr Wright's “ version “ Is not 
fussy— and rightly so— about 
introducing expUck language in 
the re-nm of the Father’s 
encounter with his Stepdaughter 
in a brotheL This is one of two 
“real" scenes that tire Direc- 
tor allows to be enacted. For 
the second, an Kalian classica l 


Michael Coveney 

garden with an ornate stone 
fountain and an array of colour- 
ltd boshes and trees are flown 
in before the tragic finale, here 
divested of all ambiguity and 
leaving blood on the im- 
presario's fingers. 

The best critical guideline 
I’ve come across is Raymond 
Williams’s hint tbat Six Charac- 
ters is not about artifice and 
reality but about the conflict 
between two levels of artifice. 
Passion intrudes aH the time, 
most notably when Barbara Jef- 
fords stoically bereaved and elo- 
quently expressionless Mother 
emits a piercing enraged scream 
at the enactment of the Step- 
daughter’s lascivious incestuous 
overtures. But we never really 
understand the social back- 
ground of these characters, why 
Richard Pasco's schoolznastexish 
rtdsomeur in black corduroy 
jacket should have encouraged 
his low-born wife to have an 
affair, and the three children, 
by a provincial clerk. 

The other great “ lost ” 
moment here is the conjuring 


of the brothel madam, dowdily 
Impersonated by Di Langford 
as a cardigan ed forebear of 
Michael Frayn’s Dottie in 
Noises Off. Madame Pace mat- 
erialises out of even thinner air 
than tbe six characters and is 
the final body-blow to the play’s 
logical "reality." 

If, as Desmond MacCarthy 
once said. Six Characters, the 
bohemian shocker of the 1920s. 
exposed the inevitable limita- 
tions of modern drama and fin- 
ally removed, for T, S. Eliot, 
all sense of certainty in what 
theatre might achieve, tbe 
National discharges a lesser 
duty to tbe repertoire by merely 
taming tbe piece as a palatable 
backstage drama with a curi- 
ously melodramatic coda. 

Lesley Sands hits the re- 
quired tone on reflecting that 
theatre died when actors began 
to Zeam lines and Lesley Sharp 
makes an auspicious NT main 
bouse debut as the vengeful 
Stepdaughter, who urgently 
wishes to rationalise the pain 
of experience through the 
agony of art. 



Alattair Muir 

Lesley Sharp and Richard Pasco 



Another onVoLthe-way pro- 
gramme in high colours con- 
ducted by John Pritchard on 
Wednesday: like the one two 
weeks ago, not the sort of stuff 
one immediately connects with 
Pritchard, but done with relish 
and real sympathy. 

Since the BBC Singers and 
fymphony Chorus were needed 
for Szymanowski later, it was 
only fair to give them some- 
thing in the first half. They 
were in vita! form, and while 
Dvorak's not- very -clever Te 

Den m lasted, they gave it more 
a semblance of life, keep- 
ing the cheap pun on the title 
at bay by their dean, exciting 
attack. Anne Evans, full-voiced 
and warm, was just the soloist 
the work needs, dryly but deter- 
minedly abetted by David 
Wilson-Jobnson. 

Within the first few bare of 
Sibelius’s 4th Symphony, bow- 


j »rvi g an ti y fetefeg , 

(7512828). 

Fn Net Bampert (Booth): The 
Tony's best ploy of 1968 won on the 
strength of its woed-of -mouth popu- 
larity fbr the two oldsters on Central 
Park * wnr *** g who y rrofir- 

iotuly about Ufa past; present and 
future, w it h a fuuoy plot to m, * r ** 1 


David Murray 

ever, the Te Detm went straight 
out of mind. The sombre, reedy 
colours of the long Sibelian 
lines were exact and tellingly 
balanced (with distinguished 
cello solos by Ferenc Szucs). 
Pritchard’s steady concentra- 
tion was enough to make tbe 
music hold, without resort to 
theatrical emphases — the brass 
utterances in tbe Quasi adagio 
were as gravely measured as 
the ones in Parsifal which they 
recall In fact; Z have not pre- 
viously been made so aware of 
how much Parsifal stands be- 
hind this symphony; not, cer- 
tainly, a fault, for its own 
brooding character is bleakly 
original. 

If there was any small mis- 
judgment in Pritchard’s read- 
ing, it was his mild tempo for 
the “ scherzo.” Sibelius’s Alle- 
gro molto vivace proposes a 
sharper, brittler contrast with 
the rest, and allows a more 


dramatic decline into the subse- 
quent gloom. Little was lost, 
though — the unhopeful calm 
of the last pages made its mark. 

The special exhibit of the 
concert was Szymanowski's 
choral “ ballet - pantomime " 
Hamasie, a riotous whirl of 
folk-colour which is in Its own 
terms so impracticable that it 
must wait upon rare revivals 
tike this one. Especially in the 
sung music, Szymanowski deals 
with his high Tatra material 
most faithfully — the glittering 
orchestral trappings are not 
“symphonic” at all, at most 
only choreographic. But the 
kind of folk-dance troupe that 
Hamasie requires is precisely 
not one that will have such an 
orchestra at its disposal; hence 
the relegation of the piece to 
rare concerts. It was tremen- 
dous fun, and the exuberant 
chorus was matched by Graham 
Clark’s lusty tenor solos. 


Saleroom/ Annalena McAfee 

Cartier is tops 


Big Blvra (Ofcfllk Bogre Mmert ma- 
sk rescora ttfa sedentary vesrion of 
Hock Film's adventures dona the 
Mississippi, which walked off with 
many 1BS5. Tbny a wa rds abnast by 

default (2488220). 

The Mutet y el Edwin ftaoi (Imped- 
al): Bnpert Holme’s The y winnin g 
re s ur rection of the i mfhtlimfld Diek- 

— wt riii— i n fa an h p ii l i m wmriwJ 
with music-ball tunes where One au- 
dtenoe picks so ending. (2398200). 

CMCSAOO 


French fibn manages, barriy, to cap- 
tare of fed of the sweet and hflsr- 

iou o ri ginal between high-kicking 


Pom Bojs and Dfaettee (ApbBo Gen- 1 
tact Faaddaas took at aambyzassic i 
- and down-bome country life with a 

good best «md reme memorable 
songs, especially one P*s$wd on kfa- 
cbea utensfia has proved to be ado- 
rabto Chicago hit (B3S 6ID6). 

She Atop Said, Babb (Goodman): 
The co mpany 's awon l ate di rec to r , I 
Frank Gitati, created fbte pastiche 
Ot ♦ w wt" by Virgil Thn ma nai 
Igor Strartndy with words by Ger- 
trude Stein and vteoab by Pabto Ffc 
casre. P Bbnwd by U acton, tbe : 
work features Pkaao’s Ifiaofaur se 
well as Picasso, Stein and Alice B. 
ToUas. Ends April 4 (443S8Q0) 

mUMMOTON 

Odscn Tam Paine ( Bre a h m wj. BS- 
chard Thomas stars in popular his - 1 
tatoa Howard Fnsft look at the ! 
Tbetford-bom American radical's 
rim and fafl to obsc urity, to between I 
the fame bren ght by flaqmwi 1 
SemeiEnds AmfllZ Kennedy Cbn- , 
ter (2543870). | 


An upsurge of interest in 
jewellery was reflected In 
Sotheby's sale of fine jewels in 
London yesterday. The total of 
£L930459 and the negligible 
percentage bought in (2D), de- 
lighted Sotheby’s director of 
Jewellery, David Bennett “It 
represents a turnaround in the 
jewellery market right across 
the board,” he said. 

Interest was thought to he 
sharpened in anticipation of the 
rale of the Duchess of Windsor’s 
jewels at Sotheby’s in Geneva 
in April. The Duchess’s collec- 
tion includes several important 
Cartier pieces, and In London 
yesterday the two top lots were 
by Cartier. 

An anonymous buyer paid 
£82^300 for a 1939 Cartier dia- 
mond necklace, designed as a 
flexible band, while tbe London 
dealer S. J. Phillips bought a 
beautiful Cartier emerald, ruby, 
sapphire and diamond necklace, 
designed circa 1955 as a garland 
of flowers and leaves, for 
£6&20Q. 

A 19th-century diamond neck- 
lace, a graduated row of cluster 
and fieurde4ys motifs, fetched 
£28,600. Hie buyer was the 
London dealer Collingwood. A 
diamond tiara which could also 
be worn as a necklace, designed 
in 1905 with ribbon bows and 
flowerheads, was bought for 
£27.500 by an anonymous buyer. 

The London dealer R. 
Benjamin paid £22,000 for a 
diamond and sapphire set com- 
prising a festooned necklace, 
earrings and a brooch. An Art 


Deco Egyptian revival evening 
bag, with a voluptuous maiden 
reclining on the clasp, made in 
France in 1930, fetched £9,020. 
The buyer was the London- 
based Italian dealer Calabro. 

A pair of diamond earclips 
in the shape of porcupines, with 
ruby eyes, was sold for £13,750 
to the Pruskin Gallery in 
Lond o n. 

Christie’s sale in London yes- 
terday of fine English furniture 
realised a tote) of £327355 with 
6 per cent bought in. The top 
lot was a George m mahogany 
secretaire-cabinet which was 
bought for £11,000 by the 
London dealer William Bedford. 
It had been expected to fetch 
np to £5,000. 

Every lot was sold in Chris- 
tie's sale of fine En glish 
enamels on Wednesday night. 
The collection of caskets, can- 
nistets, religious and portrait 
plaques, snuff boxes and domes- 
tic utensils, wine funnels and 
labels were the properly of the 
late Sir William Mullens. A 
total of £150,000 was expected 
and die auctioneers were de- 
lighted when keen bidding 
brought the final sum realised 
to £254,518. 

One private collector spent a 
total of £137,170 at the sale, 
ensuring that tbe bulk of the 
Mullens collection will be kept 
in one piece. The collector, who 
insisted on anonymity, paid 
£27,500 for the top lot, a Bir- 
mingham rectangular casket 
painted in the style of Watteau. 


.... r 


I- 





Financial Times Friday March 20 1987 



FINANC1ALTTMES 

BRACKEN HOUSE. CANNON STREET, LONDON EC4P4BY 
Telegrams: Rnantimo, London PS4. Telex: 8854871 
Telephone: 01-248 8000 

Friday March 20 1987 


Intervention 



DESPITE THE Improvement in 
Britain's economic prospects, 
there has been a revival of 
interest in recent months to the 
idea of a more purposeful indus- 
trial strategy, in winch a 
strengthened Department oi 
Trade and Industry would play 
a central role. This approach 
has been advocated both by Mr 
Michael Heseltine, the former 
Defence Secretary, and m 
remarkably similar terms b y M f 
John Smith, the Labour Party’s 
chief spokesman on trade ana 
industry. To some extent it 
reflects a continuing anxiety 
about the decline of manufac- 
turing industry: some critics 
see the recent transfer of con- 
trol over Leyland Trucks to Daf 
of Holland as an example of 
the present government s 
indifference to the fate of 
Important parts of industry. 
Yet the clamour for more Inter- 
vention is based on a misleading 
analysis of past UK experience 
and other countries’ perform- 
ance. 

The term " industrial policy ” 
means different things to dif- 
ferent people. Thus Mr Paul 
Channon, Trade and Industry 
Secretary, claimed in a lecture 
this week that the Thatcher 
Government had been pursuing 
since 1979 “ a coherent and 
consistent industrial policy, 
designed to establish a frame- 
work for enterprise in which 
industry and commerce can 
thrive." The Heseltin e-Smith 

school, by contrast would put 
more emphasis on the need for 
government to take a view 
about which industries — and 
which companies within those 
industries— should be encour- 
aged and supported. This im- 
plies, if not " picking winners." 
at least a positive determination 
to influence the structure of 
industrial output and in that 
sense to override the market. 

Japan’s success 

The model which is usually 
relied upon is Japan. But most 
advocates of an industrial 
strategy have a picture of 
Japan's Ministry of Inter- 
national Trade and Industry 
which is more relevant to the 
1950s and 1960s, when the 
economy was being rebuilt, 
than to the present day- In the 
earlier period there was a con- 
scious effort to identify growth 
industries and to assist to their 
development through foreign 
exchange licensing and prefer- 
ential access to credit; even m 
those days the initiating role of 


mitt was a good deal less than 
foreign observers tend to 
assume. 

More recently the power of 
the Japanese Government to 
alter industrial structure has 
been greatly reduced. Mm 
plays a modest mile in support- 
ing research and development 
and to publishing detailed 
“visions" oi the country's indus- 
trial future. But Japan’s export 
success is certainly not attribut- 
able to an active industrial 
policy; the vigour of internal 
competition is a much more im- 
portant factor. 

Legitimate rote 

As for the UK, the high 
hopes which the Labour Govern- 
ment of 1964-70 invested in the 
Ministry of Technology were 
not fulfilled. Its aim was H to 
stimulate a major national effort 
to bring advanced technology 
and new processes into British 
Industry it was to work along- 
side other agencies, including 
the Industrial Reorganisation 
Corporation and the “ Little 
Neddies,” to influence the 
structure and behaviour of in- 
dustry. Although the incoming 
Tories in 1970 disbanded both 
Mintech and the IRC, many of 
the same objectives were 
pursued by the Department of 
Trade and Industry. Indeed, 
there has been a remarkable 
continuity of industrial policy 
at least until the early 1930s, 
and its achievements have been 
extremely modest. 

The DTI has a legitimate role 
in ensuring that the interests 
of industry (not just manufac- 
turing industry) are taken into 
account in government policy. 
The danger is that the Depart- 
ment becomes a mouthpiece of 
lobby groups seeking pro- 
tection and special assistance. 
This danger has not been elim- 
inated under the Thatcher 
Government; the DTI has not 
bees a consistent champion of 
allowing markets to work. 

The real need is not to 
increase the power of the DTI, 
but to direct its industrial activi- 
ties away from protection into 
those areas where it can have 
a beneficial long-term effect on 
industrial performance. One 
element is the diffusion of 
knowledge about technology and 
new production processes 
throughout industry, especially 
among medium-sized and 
smaller companies. Providing 
advice and assistance along 
these lines will win no head- 
lines, but governments are 
likely to be better at it than 
at making commercial decisions. 


Yugoslavs fight 
hyper-inflation 


THE YUGOSLAV Government 
is battling on two fronts. ItH 
new wage controls have sparked 
the most concentrated outburst 
of labour unrest the Balkan 
country has seen for many 
yoars. The controls are an 
understand dble reaction to 
inflation, now running at 330 
per cent a year. But that 
inflation rate is simply the 
latest thermometer reading of 
a deepening economic malaise 
which is causing international 
creditors to reconsider seriously 
the terms on which they have 
given Yugoslavia debt relief. 

Yugoslavia is going to require 
a great deal of self-help and a 
finely judged mixture of help 
and pressure from abroad if it 
is to pull out of its dive. The 
goal must be a transformation 
of the country’s economic, and 
maybe even political, system 

Part of the blame must lie 
with Mr Branko Mikulic who 
took over as premier last May 
and in his first six months of 
office undid the very modest 
achievements wrought under 
the previous six and a half 
years of supervision by the 
International Monetary Fund. 
Nominal interest rates sank 
way below tlhe rate of price 
rises, the money supply surged, 
wages rose 10 per cent above 
inflation, and currency depre- 
ciation was so mismanaged that 
the dinar actually rose in value 
against the dollar in which half 
all Yugoslav trade Is 
denominated. 

First step 

Mr Mikulic can fairly put as 
much blame again on his inheri- 
tance — the long-term distor- 
tions of a fragmented economy 
with little free flow of goods, 
capital and labour, and the long- 
term inability of the federal 
government to knock heads 
together In the eight republics 
and provinces so as to get quick 
and binding national decisions. 

Given wage-driven hyper- 
inflation, tiie roll-back of wages 
to their average level in the 
last quarter of 1988 may be the 
least bad option, as a first step. 
Anomalies must he rapidly 
ironed out The low-paid 
deserve lighter treatment But 
the Belgrade authorities, long 
criticised by foreign creditors 
for being chicken-hearted on 
austerity measures, deserve 
some credit when they actually 
impose such a measure and 
suffer the political flak. 

The wage roll-back, however. 


needs quick complementary 
action. Mr Mikulic would be 
well-advised to forge ahead 
with the agenda of reforms he 
pushed aside during his prime 
ministerial novitiate last year. 
Positive real interest rates, an 
essential discipline, need to be 
reached earlier than the 
leisurely January 1989 dead- 
line Mr Mikulic has now set 
Knock-on benefits would be felt 
In wage - setting, corporate 
accounting and stockholding. 

Salutary lesson 

Some creditors who have lost 
faith in the Belgrade policy- 
makers want Yugoslavia to re- 
turn to a full IMF standby 
credit adjustment programme. 
But it seems pointless trying to 
drive two very unwilling part- 
ners Into formal harness again. 
If Mr Mikulic has seen the error 
of his 1986 ways, it might not 
even be necessary. However, 
the Yugoslavs are going to have 
to make some serious policy 
commitments if debt re- 
scheduling is to be smoothly 
renewed by creditor govern- 
ments and banks in the next 
few weeks. 

Mr Mikulic has appealed for 
more help from the EEC 
which accounts for the largest 
share of the Yugoslav trade 
deficit and its debt. The piea Is 
made in the context of two 
years of stalled negotiations 
over a new Yugoslav-EEC 
economic accord, and hints that 
In the absence of ouch an 
accord, non-aligned Yugoslavia 
might turn more to Com eco la- 
in the unlikely event that 
Yugoslavia did turn East, it 
would find a salutary lesson. 
One-party states there, with far 
greater political handicaps than 
Yugoslavia, are starting to risk 
market-orientated ■ reforms. 
Even President Husak of 
Csechslovalua said yesterday “ e 

envisaged Gorbachcv-style eco- 
nomic and political changes. 
The communist system has an 
indigenous legitimacy in Yugo- 
slavia, independent since 1948, 
that It lacks in Czechslovakia, 

under Soviet dominance since 
that date. 

It may be that thorough 
going market reforms may one 
day undermine the political 
dominance of the Yugoslav com-' 
munist party. That is a risk 
the party must run. In the 
absence of such reforms, its 
dominance may be jeopardised 
even earlier. 


T ODAY in New York a long 
and occasionally dramatic 
process reaches Its con- 
clusion. Mr Gustavo Petrkdoli, 
Mexico's Finance Minister, 
joins his country's major 
bankers to begin signing kilos 
of documents releasing up to 
f7.7bn in new commercial 
credits. 

It took Mexico and its credi- 
tors nearly a year to negotiate 
the inno vative financing pack- 
age, which will be worth around 
$13bn to 5141m over the next 
two years — the final years of 
President Miguel de la Madrid's 
administration. 

Drawn up with unprecedented 
fran king from the International 
Monetary Fund and the World 
Bank, the Mexican deal is a 
prototype for the so-called 
Baker plan promoted by Mr 
James Baker, the US Treasury 
Secretary to help Third World 
nations grow their way out of 
debt 

Its stated aim is to help 
Mexico engineer a phased re- 
turn to growth within a frame- 
work of structural economic 
reform— its hoped-ftor effect will 
be to bankroll the 70-year-old 
regime of the Institutional 
Revolutionary Party (PBI) 
through a smooth Presidential 
transition. 

But the ease of the transition 
is far from assured, and if recent 
Mexican history is anything to 
judge from, the cautious econo- 
mic strategy which has served 
Mexico well over the past year 
could prove an early casualty,, 
even more severe. 

In the run-up to the 1976 and 
19S2 presidential handovers, 
economic policy was left hos- 
tage to the caprice of outgoing 
leaders, and public spending 
binges by those who aspired to 
replace them. 

If anything, today's political 
tensions within the FRI are 
even more severe. The funda- 
mentalist challenge which has 
emerged from its ranks in the 
form of the uncompromising Mr 
Cuauhtemoc Cardenas ■ — sou 
of the most revered political 
figure In Mexico this century, 
General Lazaro Cardenas, who 
was President in the late 1930s 
— represents a serious threat 
The party leadership effec- 
tively expelled Mr Cardenas last 
week after he accused It of 
playing into the hands of the 
Right by its authoritarian and 
anti-democratic practices, which 
he argued, betrayed Mexico’s 
revolutionary traditions. 

Whatever the strains to come, 
it is difficult to gainsay the per- 
formance of Mexico’s economic 
managers over the past year. 
The country's creditors have pro- 
vided no net new finance for 
28 months, though it suffered 
two devastating earthquakes 18 
months ago and lost over half 
its revenue from oil, its main 
export, last year. 

Its people have endured an 
excruciating round of austerity 
to compensate. Mexico has kept 
current on interest payments 
in its $100bn foreign debt. And 
despite the loss of $8£bn in oil 
revenues, equivalent to 6.5 per 
cent of GDP, contraction in 
national output was held to 3.5 
per cent. The current account 
deficit was held to on estimated 
$2bn last year, down from 1985’s 
8540m surplus. 

Mexico’s gross International 
eserves, which in the six months 
to last July were halved to 
under $3bn. have now been re- 
built to over $8bn. according 
to Mr PetriciolL 
Consumer price increases 
were held to 106 per cent for 
the year, just over 40 points 
19 on 1985. 


MEXICO’S DEBT AGREEMENT 



Hr Cuauhtemoc Cardenas (left) has split the Institutional Revolutionary Party (PRI) of President Miguel de] la Madrid (right). 
Economic issues, such as the size or Mexico’s debt service burden, are crucial to the debate 

The problems cash 
cannot solve 

By David Gardner in Mexico City 


Under the circumstances, it 
has been an impressive per- 
formance. But it is not the first 
time that the de la Madrid 
government has managed a 
containment and clean-up stra- 
tegy. only to fritter away the 
gains later on. In 1983-84, the 
Administration adopted a pro- 
gramme, under IMF super- 
vision. which halved inflation, 
cut imports and the public sec- 
tor deficit by two-thirds, pro- 
duced bumper trade and cur- 
rent account surpluses and re- 
built reserves. But it subse- 
quently allowed the economy 
to overheat badly in the run 
up to the July 1985 mid-term 
Congressional and guberna- 
torial elections. As domestic 
demand recovered inflation was 
revived, the peso, surpluses and 
reserves sank, and nonoil ex- 
ports fell. 

In those elections, which like 
all major elections in Mexico 
the PRI has won by fair or by 
foul, the regime can hardly be 
said to have been fighting for 
its survival. Now some sea- 
soned observers believe it will 
have to start to do so. 

All this raises major ques- 
tion marks about the Govern- 
ments recovery strategy, now 
that the money to finance it is 
starting to flow in. Is Mexico 
condemned to pay for growth 
with high inflation, runaway 


public spending, a balance of 
payment collapse and yet 
another run on the peso, as it 
was in 1981-82 and 198485? 

Probably not, at least for the 
remainder of this government. 
But after that continuity of 
regime does not guarantee con- 
tinuity of policy. 

The de la Madrid Adminis- 


gradual freeing of credit — 
almost wholly monopolised Last 
year by the public sector — for 
private investment. 

The first stage is well ad- 
vanced, its fruit an expected 
rise in the annualised rate of 
inflation to over 130 per cent at 
the end of this quarter. 

The critical part of stage two 


The cautious economic strategy 
which has served Mexico well 
over the past year could 
prove an early casualty 
of the presidential transition 


tration has opted for a care- 
fully phased transition from 
the emergency economy to 
controlled expansion. 

The strategy comes in three 
stages: "correction" or realign- 
ment of relative prices; reduc- 
tion in inflation; and then 
moderate reflation, including a 
vitally needed 15 per cent rise 
in public investment, and the 


involves the gradual reduction 
of Interest rates and a slowing 
in the dally rate of devaluation. 
Moves to liberalise imports will 
also feed through into prices. 

Sates on the benchmark three- 
month Treasury bills have at 
last begun to drop from their 
historic high of 106 per cent in 
the past two weeks. 

The Government is firmly 


committed to maintaining a 
competitive exchange rate— as 
Mr Petricioli stressed in an 
interview this week— but 
clearly feels it can ease off on 
the pace of the current crawl- 
ing peg system. In the. first 
two months of this year, the 
peso slid 13£ per cent against 
159 per cent accumulated infla- 
tion. - 

There are several risks in- 
volved at this stage.' The $5hn 
capital inflow since xnid-1986 is 
largely .flight capital induced 
back by the squeeze on private 
sector credit and high real in: 
terest rates, while the 34 per 
cent leap in non-oil exports, see 
graph, is more the product of 
devaluation and stagnant dom- 
estic demand than trade reform. 
Trade liberalisation— in particu- 
lar the removal of 70 per cent 
of impo rts from the import' 
licensing system — is designed to 
foster permanent growth by 
diversification into non-oil ex- 
ports, but there is little evi- 
dence that this is happening. So 
far Mexico is not exporting any- 
thing it did not export before 
the recent oil shock or, with the 
main exception of car parts, be- 
fore oil was discovered here in 
large quantities in the mid- 
1970s. • . 

It remains to be semi whether 
manufactures now being sold 
abroad because of depressed 
domestic demand — and thmq>- 


ine up export tores into® 

nroeess — will be sbW domesbe- 
ftjv when demand recovers as 
expected in the second halt** 
this year. 

It is at this stage that most 

observers see the real : 

They recall that Presiaant 
Jose Lopez Portillo, who- be- 
queathed office and bankruptcy 
to Mr de la Madrid in 1982, had 
a neat three-stage plan when he 
Succeeded the discredited Presi- 
SSt Luis Ecteverrin in 1976; 
the result was one of the biggest 
jjoom-to-bust cycles in modem 
history- 

In 1981, the equivalent year 
to 1987 in Mexico’s six-year 
nolitical cycle, Mr Lopez Por- 
tillo, with Mr de la Madrid as 
his planning Minister, ignored 
the June oil price, collapse and 
the sharp rise in International 
interest rates — which together 
cost Mexico Wflbn — and bor- 
rowed 520bn» 

Nothing done under this gora? 
eminent suggests that its mem- 
bers emerged other than chas- 
tened from this experience. . . 

Even for those of Ifttfe faffh, 
who further note that'titorlwo 
front-runners to succeed Mr de 
la Madrid — Mr .AKredo jdel 
Mazo and Mr Carlos Salinas de 
Gortary — head, -respectively, 
the potentially Wg-spending 
Energy and Industxy and Plan-. 
tong Ministries^ there - is . one 
compelling reason to suggest, 
the Government will rhold -Rs 
course. - V\- 

This is because if .it does, it 
should be rewarded with an 
annual growth rate of around 
5 per cent in 15. months ~tbne— . 
just when the PRI campaigns to 
re-establish its legitimacy for 
the next six-year tern, reaches 
its peak.. . ' ' ; • 7 : 7 : • 7 : ' 

The wild card tbat ma y 
upset this reasoning, however, 
is Mr Cardenas and Ms cons-: 
stftuency. ’ •> : 3 _-t 1 

.Mr Cardenas’s credentials are 
impeccable. As President •hK- 
father nationalis ed oil and ^dis- 
tributed land- to the jseasante, 
reforms which in nationalist 
Mexico-still cqnnt for a let; . 

Mr Cardenas, a respected and 
austere figured can be expected 
to use next year's emotive sotfc 
anniversary of the expropriation 
of the. oil industry as . a plat- 
form, for policies which include . 
a radical limit to debt service 
payments.-.; .7 

- At the head of the democratic 
current Inside the - PRI, he is. 
calling for an end to the her- 
metic process whereby the- 
sitting President hand picks his 
successor, and its substitution 
by a primary system with the 
PRI . rank and file electing a 
candidate virtually guaranteed: 
election.: at : the polls' by -the 
formidable, PRI machiue. 

- The party’s credibility is at 
an all-time low among Mexicans 
after. the corruption and: mis- 
management of the last two 
governments' and several 
demonstrations by this one that, 
it is prepared to sustain itself 
in power by electoral fraud 
where necessary. 

- It was certainly not enhanced 
fry Mr de la Madrid's appearing, 
for the first time as President, 
on tiie same platform as his 
predecessors, Mr Echeverria and 
tiie widely reviled Mr Lopez 
Portillo,- at the PRFs national . 
congress this month. 

. The clamour for democracy 
has. risen audibly in recent : 
months. .The national university ' 
strike at the beginning of. the 
year, for instance, was just one * 
among many reminders that the 
right-wing ■ National Action 
Party is no longer the only, or 
even the most likely repository 
of protest against the regime. 


One cabby’s 
airline 


It sounds like a synopsis for a 
soap opera. Neill Scott, aged 
52, bom and bred in the East 
End of London, has moved in 
just 30 years from being a Lon- 
don taxi driver to owning the 
lion’s share of a brand-new air- 
line. 

Air 2000 is taking delivery of 
its first Boeing 757 from the 
makers early next month — the 
first of three similar aircraft 
ordered on longterm, leases 
which will provide 300,000 extra 
passenger places a year in the 
fast-growing British holiday 
charter market. The new com- 
pany \rill also provide 150 jobs 
in Manchester where the opera- 
tion is based. 

Errol Cossey, aged 44, who 
built up Air Europe, is the Air 
2000 chief executive. And he 
and his management team hold 
24 per cent of the equity. 

The remaining 76 per cent 
belongs to Owners Abroad, tbe 
travel and air business, with a 
current market value of £30m, 
set up 26 years ago by Scott and 
Nicholas Langley-Pope, aged 48. 
A USM company, it is applying 
for a full stock exchange listing. 

Scott’s own bolding in 
Owners Abroad is now worth 
£5m. But he says that up to the 
age of 32 he was happy enough 
driving his London cab and 
playing rugger (he reached 
Eastern Counties standard) at 
weekends. He also maintains 
that learning the “Knowledge** 
for his cab licence was as gruel- 
ling a task as anything he has 
undertaken since. 

• A larger-than-life character 

who weighs 20 stones, and finds 
difficulty talking fast enough to 
keep up with his flow of ideas, 
he says business life really star- 
ted for him when he opened a 
one-man travel agency — offer- 
ing one-way tickets to Spain 
for £13.50— and ran a fleet of a 
dozen Ice cream vans in Lon- 
don during the summer season. 
-• Scott sees Air 2000 expanding 
fa become a 10-plane airline 
within the next few years. They 
yill, he says, all be new aircraft 


Inside jobs 

Remember Leavenworth prison 
in Kansas — the institution 


Men and Matters 


which runs a profitable T-shirt 
mattress, and paintbrush busi- 
ness employing 500 inmates, as 
I reported last November? 

Well, a few hundred miles 
east hi Ohio, local businessmen 
are now complaining about 
what they term unfair compe- 
tition from the state’s over- 
crowded prison system. 

At the root of the problem is 
the success of Ohio Prison 
Industries whose sales of a wide 
range of products including 
mops, state flags, and even 
computer equipment, are this 
year expected to bring in over 
$18m. 

“It is simply unfair," accord- 
ing to David Budd, a cleaning 
agent manufacturer comparing 
private sector wages of around 
$7 an hour with the 31 cents 
an hour paid to some prisoners. 

But while local businesses 
are pressing the state legisla- 
ture to impose restrictions on 
the marketing and manufacture 
of prison-made products, OPI is 
planning to expand- If it has 
its way, 3,000 inmates will be 
employed In the state’s prison 
industries. 

So the Americans may be the 
find to perfect insider trading. 


Guides to 2000 

Old Shell bands treasure a 
mythical tale that the poet and 
writer John Betjeman took on 
tiie considerable burden of edit- 
ing the first Shell County 
Guides to Britain in the !9SQs 
because he saw an opportunity 
for unlimited free petrol to en- 
able him to visit bis beloved 
churches. 

Certainly he gave churches 
plenty of space. And he some- 
how managed to leave readers 
haunted by guilty feelings that 
they would be spiritually and 
morally poorer if they missed 
out even one of bis recommen- 
dations. 



banrased by the time span. 
For, whisper it. Shell never 
did complete the old county 
guides set — Yorkshire, Lanca 
shire, and Middlesex are miss- 
ing. 


“Don't ask about tbe future, 
honey — even the Labour 
party doesn't know whether 
we're coming or going** 


Now the New Shell Guides 
are about to appear. And 
although churches do not get 
anything like the showing 
afforded them by Betjeman, 
the series editor, John Julius 
Norwich. Is clearly determined 
that the guides should continue 
to be true evocations of flavour 
of the British countryside 
rather than dry gazetteers. 

Mteha<£ Joseph is publishing 
the first four— Devon, Cornwall, 
and the Isles of Stilly; South 
and Mid Wales; Northern 
Scotland and the! Islands; and 
The Channel Islands— next 
week. 

Instead of sticking rigorously 
to county boundaries the guides 
are catering for the motorway 
age by covering identifiable 
regions. 

It will be the Year 2000, I 
am told, before all 24 of them 
are written and published. But 
Michael Joseph need not be etn- 


Exchange control 

Few would envy the task of 
WiRiam Bradt, aged 41, a New 
York Mercantile Exchange 
(Nymex) independent floor 
trader, as be attempts to step 
into the shoes of Michel Marks, 
the exchange's youthful chair- 
man these past nine years, who 
recently decided to retire aged 
37. 

It is a hard act to follow. 
Under Marks about whom I 
wrote recently, Nymex has 
enjoyed a period of exception- 
ally rapid growth, even by 
futures business standards, 
fuelled by the success of its 
flagships— « crude oil futures 
contract. 

Bradt fought off a stiff 
challenge for the chairmanship 
from Stanley Melerfeld, a 
Gel der ma n n tec. vice-president 
and tiie exchange vice chair- 
man. It was the first reasonably 
dose election which Nymex 
members have experienced 
since the Marks era began in 
1878. 

Bradt is expected to take 
measures to improve trading 
space on toe increasingly 
crowded Nymex floor, and, 

perhaps, to increase toe 
marketing budget. 

His first task, however, has 
proved a pleasant chore. As 
soon as the election result 
became known he flew down to 
Boca Raton, Florida, where the 
Futures Industry Association is 
currently engaged in Its tradi- 
tional lavish annual convention. 


Bank giro 

Hie Midland bank's Truro, 
Cornwall, branch declined to 
open an account for a man who, 
to identify himself, offered a 
police document charging him 
with an offence. 

A prudent decision with tbe 
benefit of hindsight. It turned 
out he was charged with steal- 
ing a Lloyds cheque. 


Observer 




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plus penthouse 


with car parking 

Contact WOliamBoyfe 


CHESTERTON 


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Times Friday March 20 1987 

*g WGEL IAWSON’S Budget ri 1* A » in .* 

Politics Today 




W . ™ British Chancellor - J 

tfaridea 

<£jsb»**teiiig another In *£ 

‘SmVLliLfa*** ******- TT 

* ffws' T ,a wcnn • 

reasoning isquite simple. • 

£&%£?* B ¥* etof aw 

^Ttt that lays down the econo- _ 

^^SSSSiSm ! 1884 fl|A l%ACf 

ssffi-s me oesi 

enctly full ©j innovations an«t 
Teninns. The explanation is 
that the *^aS!SSSSm 

pili Chancellor 

advantage of tbo surplus 
revenues both to cut taxes and 

to reduce the public sector bar- A V V 

tksl i. w„ tnAv hsx vp 

fissttSTsSPag luc J HaVC 

to . the markets, electorally 

SHS By Malcolm Rutherford 

cult to -attack. - 

. Yet at a time when all the 
economic indicators have began 

to point in the right — or, at mcn suggested that they would Budget speech as “Plaza 2,” 
least, not the wrong — direction* be paying rather a lot of cocpor- Plaza 1 having been the meet- 
what I find odd about toe pre- ation tax. They were not par- ing in the Plaza tfotoi Mew 
para turn for the Budget is the ticulazly complaining about it York, In September 1985 when 
sheer precariousness of it an. because, on the whole, their toe Group of Five effectively 
The real turning point -came P 1 ?}®* 8 were high. But toe Chan- agreed to devalue toe dollar, 
in toe autumn Statement in ceUor t ? ok the hint: revenues [The Group of Five includes 
November when toe Govern- were § om £ *» $• ®t«mger than the tJS, Japan, Britain, Fiance 
ment decided that it could **?“ b* ™ originally expec- and West Germany. 
afford to increase public ex- te °- it is extended to the Group of 


sheer precariousness of it alL because, on toe whole, their toe Group of Five effectively 
The real turning point -came P 1 ?}®* 8 were high. But toe Chan- agreed to devalue toe dollar, 
in toe autumn Statement in ceUor t 9 0k the hint: revenues [The Group of five includes 
November when the Govern- were § om £ $> 5* 8tn ®8« than the US, Japan, Britain, France 
ment decided that it could **?“ b* ™ originally expec- and 'West Germany. Bum— fan— 
afford to increase public ex- tetl * it is extended to the Group of 

penditure. (It Is the publication The key strategic decisions on Seven to include Canada and 
or the spending figures in the the Budget were thus taken in Italy. In Paris it was toe Group 
autumn that nowadays 1 tends to mid-January when Ministers of Six because toe I talians did 
toake Budgets look less ercit- borrowed toe Foreign Secre- not like attending a meeting of 
mg.) Not toe least important tary’s country residence at the Group of Five on toe fringe, 
effect of that was to still criti- Chevening for a week in Kent. Essentially it is the Group of 
cism of toe Government’s ecan- They were to make a more or Five that maters.] 
omic policy within toe Conserv- less 50-50 split between cutting Confirmation of what bap- 
atrve Party: the wets, dried up, taxes and reducing next year's pened in Paris Is given in the 


having claimed that they woo. PSBR. ~ financial Sts 

But there was stQl a long way Yet there were still oncer- book " that 
to go. There were apparently tainties: not least on the foreign Budget Paras 
some Quite serious differences exchange markets. The turning part: “At a m 


within toe Treasury about the point here seems to have been Ministers 
likely torn-out of this year's the meeting of toe Gro 
PSBR. The Chancellor’s advi- Six finance ministers in 
sos argued that it was going in late February, 
to overshoot the projected The meeting had 


Financial Statement or “red 
book " that accompanies the 
Budget Paragraph 2.10 says in 
part: “ At a meeting of Finance 


Central 


op of Governors of six major indua- 
Paris trial nations in Paris on Feb- 
ruary 22, it was concluded that 
been a period of stability would be 


to overshoot the projected The meeting had been a period of stability would be 
figure of £7bn. Ur Lawson dis- delayed at the British request desirable. Accordingly, the UK 
agreed and became increasingly Mr Lawson went out on a bit and other countries represented 
convinced that he was right as of a Hmh and refused to attend there agreed to co-operate 

Tmip«|j; the Ministers had agreed closely to that end.’' 


toe winter wore on. 


co-operate 


The December revenue figures in advance on what they were In other words, it was decided 
were good. In January, which going to decide. He suspected that perhaps allowing for a 
is a big tax-gathering month, that Mr James Baker, toe US short period of adjustment after 
they were even better, and Treasury Secretary, just wanted toe meeting joist efforts would 
were known early. Moreover, to hold toe meeting to see if be made to maintain exchange 
toe Chancello r claimed that he agreement might be possible, rates within a fairly narrow 


had been able to discern a He also stiD fears that Mr Baker margin from their current leveL 
seasonal bias in toe PSBR pro- is seeking to impose rather These “ Plaza “ meetings 
Sections over the years. There wider international monetary have not yet been institution- 
was always talk of an overshoot reform than toe Europeans alised. They should not be 
in October-Novumber because are yet ready to accept and confused with other more regu- 
toat is when Ministers are dia- . which, he claims,- has not yet Jar sessions of the Group of 
cussing spending plans. . It had been properly considered. Five, such as the one which 


cussing spending plans. . It had been properly considered. Five, as the one which 

not always- been- borne oat by Anyway, Mr Lawson got his takes place before toe meeting 
results. way again. The Paris meeting of the Interim Committee of 

Mr Lawson also used anecdo- duly took place with decisions the IMF in Washington next 
tal evidence to back his case, agreed beforehand. The Chan- month. The aim is to agree to 
His conversations with business- ceUor referred to it in his co-operate closely on an ud- hoc 


Anyway, Mr Lawson got his takes place before the meeting 
way again. The Paris meeting of the Interim Committee of 









\y.' ■■■*■ '.j 


'••J _ - f *i* IfvfjS 






Roy Jenkins (left): more open-minded than Roy Hattersfey 


Budget speech as “Plaza 2," 
Plaza 1 having been toe meet- 


basis to deal with a particular 
situation at a particular time. 

From the British point of 
view. Plaza 2 was a great suc- 
cess. The pound strengthened 
before the Budget and, in 
general, the foreign exchange 
market calmed down. From 
Chancellor Lawson’s point of 
view, that calm was the missing 
piece of the Budget jigsaw. He 
had bad no great fears about 
the development of the British 
economy; he had been worried 
about toe effects of turbulence 
in the market 

There was also a bonus. 
After Plaza 2, the foreign ex- 
change paused and re-assessed 
the international scene. The 
conclusion seems to have been 
reached that British economic 
prospects are rather better than 
had been previously realised. 

The result of toe Parlia- 
mentary by-election in Green- 
wich on February 26, where 
the Labour Party fared disas- 
trously. was a contributory fac- 
tor. The markets decided, 
perhaps for the first time, that 
the chances of a Labour Gov- 
ernment after the general elec- 
tion are remote enough to 
ignore. 

The Chancellor was thus in 
toe fortunate position not only 
of being able to produce toe 
sort of Budget that had been 
planned in January, but of 
doing so in calm market condi- 
tions. There is the pledge of 
international support to keep 
toe pound at around its present 
level, if necessary. Two half- 
point cuts in interest rates have 
already taken place: one before 
toe Budget, one just after. 
There should be more to come, 
though not perhaps many. Mr 


Lawson is markedly reluctant 
to see any further sterling de- 
preciation. Priority now will 
go to reducing the rate of infla- 
tion. 

One Budget decision was 
taken late: it was not to raise 
the excise duties on alcohol, 
tobacco and petrol- There were 
several reasons. Among them 
were a desire sot to incur any 
unnecessary unpopularity witn 
the electorate and to do nothing 
that would push up the retail 
price index. With the lower 
rate of inflation, toe need for 
an annual indexing of toe duties 
has also become less urgent. 
When Sir Geoffrey Howe was 
Chancellor and inflation was 
high, toe Treasury considered 
raising them on a quarterly 
basis in order to avoid the 
annual shock of a huge increase. 

A key reason, however, was 
pressure from the tobacco 
lobby, supported by some 
Labour MPs who have cigarette 
factories in their constituencies. 
The industry is having to face 
up to cheap imports from 
Berlin and asked — in a rather 
inappropriate phrase — for a 
year's “breathing space" to 
put its house in order. It won. 
Once tobacco was to be immune 
from a rise, it would have 
looked funny not to take toe 
same approach to alcohol. 

The most interesting political 
reaction to toe Budget so far 
has not come from toe Labour 
Party, which was predictably 
opposed to It in almost every 
respect and was horrified by 
Wednesday's announcement of 
the g«le of toe remaining 
Government stake in BP, but 
from Mr Roy Jenkins, speaking 


tor the Llberal-SDP Alliance; 

Labour will not only vote 
against toe tax cuts, which It 
did not do against the lp cut in 
the standard rate last year, it 
is pledged to restore them. The 
Alliance, Mr Jenkins said, will 
vote against the cuts, as Indeed 
it did on the previous occasion. 
But it will not commit itself to 
putting them back because it 
cannot foresee what toe circum- 
stances will require. 

It is this open-mindedness 
that commands respect tor Mr 
Jenkins even on toe Tory 
benches and perhaps among 
Tory voters. He was highly 
critical of the Budget, but be 
did not condemn it lock, stork 
and barrel. Where he scores la 
in suggesting that there might 
be a middle path that is toe way 
neither of Mr Lawson nor of 
Mr Roy Hattersley, toe shadow 
Chancellor. 

Mr Lawson, one suspects, 
would now be quite happy to 
see a general election some- 
where between mid-June and 
early July: once the Finance 
Bill is through Parliament He 
has done his stuff. The question 
is: what next? 

If be is to continue as Chan- 
cellor, there may be some 
unfinished business to be set- 
tled first with the Prime Minis- 
ter. He would almost certainly 
like greater licence to get on 
with tax reform and to take 
Britain into toe exchange rate 
mechanism of toe European 
Monetary System. On neither 
of these matters do he and 
Mrs Thatcher exactly see eye 
to eye. She might like to 
ponder, however, that Mr Law- 
son is toe best Chancellor of 
toe Exchequer that toe Con- 
servative Party has. 


Lombard 


Sub-Saharan 
Africa’s agony 


By Michael Prowse 


MENTION Third World debt at 
a dinner party and two mis* 
conceptions are likely to sur- 
face immediately. The first is 
that the crisis centres on Latin 
America and, at present Brazil 
in particular. The second is 
that the principal villains in the 
dCbt morality play are hard- 
nosed commercial bankers like 
Mr John Reed at Citicorp. The 
truth is that the real debt crisis 
lies in Africa while the real 
villains are politicians and civil 

servants. 

The impression that Brazil is 
facing intractable difficulties has 
been created by toe media's 
indulgence of Mr Dilson 
Funaro’s recent fist-waving 
world tour. The fulminating 
Finance Minister knows per- 
fectly well that Brazil, by Third 
World standards, is rich and 
can readily service its debts if 
it avoids the sort of consump- 
tion binge he unleashed last 
year. If Brazil defaults, it will 
be a matter of choice not neces- 
sity. 

What about the John Reeds 
of this world? True, they do not 
come across like Salvation Army 
bandmasters. But then their 
shareholders pay them to be 

E rofit-seekers. The world would 
e in a sorry state if bankers 
stopped behaving like bankers 
and began to ape Oxfam repre- 
sentatives. It is quite legitimate 
for commercial bankers to play 
a vigorous game of bluff and 
counter bluff with their formid- 
able adversaries in the big 
middle income debtor nations. 
Tightfistedness now may prove 
a commercial misjudgment but 
that is another matter. 

If criticism is due, it should 
be directed not at cogs in toe 
banking system but at toe poli- 
ticians (and to a lesser extent 
civil servants) who theoretically 
have toe power to change the 
rales of toe debt game. The 
charge that might be levied 
against, say, the Group of Five 
finance ministers (who effec- 
tively dictate toe policies of the 
IMF and World Bank) is lack 
of leadership and lack of 
humknity. If a prosecuting 
counsel wanted to guarantee a 
verdict of guilty he would 
direct an International jury's 
attention not to lattia America 
but to Sub-Saharan Africa. 


Them are two reasons for 
this. In the first place, almost 
all the debt is owed to govern- 
ments and supranational insti- 
tutions rather than co mmercial 
banks. Politicians thus cannot 
pretend solutions are the pri- 
vate sector’s responsibility. 

Equally important, the 
region — unlike rich Brazil — 
genuinely deserves the First 
World’s sympathy and cash. 
Many of toe countries are quite 
desperately poor and face quite 
impossible debt repayment 
schedules. Zaire, for example, 
is poorer than it was a genera- 
tion ago and has well under a 
tenth of the per capita income 
of Brazil. The World Bank cal- 
culates that the 12 African 
countries most plagued by debt 
now face scheduled repayments 
more than four times higher 
than the sums they could not 
manage in 1983-85. 

Paris Club negotiations on 
African sovereign debt have 
descended into farce. There 
have been 88 reschedulings in 
the past decade. Payments due 
on previously rescheduled debt 
are having to be rescheduled. 
The cycle of arrears and re- 
scheduling looks endless and it 
all reflects toe meanness of 
First World lenders and donors. 

The problems are magnified 
by what one senior official dubs 
the “unconscionable” attitude of 
the IMF, which Is proving every 
bit as inflexible in Africa as the 
commercial banks have been in 
Latin America. Like them, it 
lent heavily on toe wrong terms 
to the wrong countries and it is 
now refusing to bend its own 
rules. It wants the money 
baric, come what may. Roughly 
half of the total debt repay- 
ments being made by the moot 
heavily indebted countries are 
going to toe Fund. 

Something dearly has to 
give. Virtually every develop- 
ment economist openly admits 
that debt forgiveness is un- 
avoidable In Sub-Saharan Africa. 
The absolute sums at stake art 
not large. A political initiative 
at the highest level is required 
to sort out the muddle and to 
mobilise more resources. It 
may be that toe Fund’s rules 
will have to be amended. The 
sooner politicians stop worrying 
about Brazil and start worrying 
about Africa, the better. 


Set-aside 

fond 

From Mr TC Davie-ThornbOl 
Sir, — I read with Interest Mr 
Martin Wolffs letter (Ma rch 13 ) 
which, compared .toe current 
contraction of toe agricultural 
industry to that which hap- 
pened a year or two ago in the 
mining industry. 

The comparison is apt in that 
neither a farm or a mine can 
run below mi|T1 ' in||m output and 
produce at economic cost. 

When toe mining industry 
was contracted the miners were 
given generous payments to find 
alternative employment, and toe 
loss through the pits b efog 
closed was borne by toe industry 
as a whole— in effect by the tax- 
payer. In the case of toe excess 
output of the agricultural in- 
dustry, which has largely been 
caused by too generous grants 
by toe Government to increase 
production, it is now offering no 
cash payments to outgoing 
farmers, except to dairy 
fanners, and the loss which will 
fall on individual fanners who 
happen to own uneconomic 
farms will not be spread 
through the Industry: equally 
and will fall particularly heavily 
on certain individuals. There- 
fore, “set «M*" JS # 5L X 
ridiculous as it might appear 
and at least the land is kept 
with the potential for outpirt if 
and when output is required- 
N. B. B. Davie-ThornhilL 
Hindercloy Ball, 

Nr Dies, Norfolk 

The Budget 
and AVCs 

From Mr N. CrigWon 
Sir,— The Chancellor's pro- 

posed KberaKsation a8p 55? 
of the additional voluntasy con- 
tribution facility g 

tension schemes is welcome, a, 

fr’on not to altow anyofthe 
rights secured by AVCs to be 
commuted into a ^"*222 
sum, be does the average 
scheme member a EW*t 
se rvice while attempting to 

minorny- 

Many occupational _ 
members accumulate AW bene- 
fits to food 

sum they can ostiy otoerw^e 
nrovide by commuting their 
££££ pension. The Obam*J 

i 

aag.’Wg s 
KSfe swssas 

5 that toe rhm is 

devised to safeguard. 

It is also unfortunate that 
the members of contributory 


Letters to the Editor 



pension schemes have been left 
at a disadvantage compared to 
members of non -contributory 
schemes. The latter have the 
full AVG allowance of IS per 
cent- of remuneration at their 
disposal... 

Neil Crighton. 

210 Seddon Bouse, 

Barbican , ECS. 

Married man’s . 
allowance , 

From Mr J. Nickolson 
Sir.— The married man's In- 
come tax allowance, a relic of 
a paternalistic era, is widely 
regarded as an anomaly in 
present day society; and toe 
question of what— If anything— 
Should replace it has been 
under review for some time. 
Attention has so tar been 
largely focused on the rather 
clumsy system of transferable 
allowances to be used by either 
toe husband or his wife. 

May I suggest a simpler solu- 
tion of which toe rationale is 
self-explanatory? Add together 
the incomes of husband and 
wife, deduct twice the stogie 
person's allowance plus other 
appropriate reliefs and allow- 
ances, divide their combined 
income set of al lowance s by two { 
and apply the current income 
tax rates to each half of their i 
combined net income. 

This solution would do away 
with the married man’s allow- 
ance as such. It Is simple and 
equitable, in the sense of. show- 
ing no favouritism to any par- j 
ticular group, and yet it would ] 
give married couples just the 
advantage which is logically in- 
herent in their marital status. 
Share and share alike— what 
more appropriate rule to apply 
to the financial arrangements of 
a married couple? 

J. Leonard Nicholson. 

53, Frogna J, NWfL 

University star 
ratings 

From Dr I. AUchison 

Sir,— Brian Groom’s aptiy 
titled piece (March I*) on the 
recent election of the Chan* 
cellar of Oxford OniversHy M 
indeed all “archaic nonsense, 
hut most of it is of the anec- 
dotal type which w, bard . a i° 
combat Joe particular] pu»e 

of factual nonsense, however, 

nmst be sharply corrected. 

Mr Groom wrote: " There are 
serious issues, of wars* not 
least the fight for finds. ... 
Why should the public take 
more note of an election at 


Oxford than elsewhere? It 
came 31st out of 43 last year. . . 
in toe University Grants Com- 
mittee's ranking of performance 
In teaching and rose arch.” The 
clear message is that Oxford's 
academic standing is well below 
average, with toe implication 
that public funds to the Univer- 
sity ought to be reduced. 

The UGC did not publish any 
ranking of performance in 
teaching in 1986. It did publish 
a ranking of research perform- 
ance. In this ranking, Oxford 
University obtained the highest 
(“star") ratings for 33 out of 
its 42 departments and cost 
centres. Only one other UR 
University obtained more stars 
— Cambridge, with a total of 36 
stars out of 52 departments/cost 
centres. The position “ 3 1 st out 
of 45" ref era to a table, pub- 
lished for example in toe Finan- 
cial Times of May 21 1986, 
showing the percentage increase 
or decrease in Universities* 
UGC grants as compared to toe 
previous year. Oxford’s posi- 
tion simply reflected the fact 
that its grant was more or less 
unchanged. It was not, to 
repeat, a table of rankings of 
performance in either teaching 
or research. 

Yes, Mr Groom: there are 
serious issues here. 

(Dr) L J. R. Aitchiwm. 
Depa rtment of Theoretical 
Physic*. 

University of Oxford, 

1, Keble Ed, Oxford. 

A 30-year 
war 

From Mr T. Schoeters 

Sir.— Peter Walker’s predict- 
able decision on Steewdl B is a 
! significant victory in the 30-year 
war between the Central Elec- 
tricity Generating Board and 
the Atomic Energy Authority 
about who decides what atomic 
j plant Britain needs. 

Logic says that the AEA, toe 
i atomic expert, should be the 
arbiter. Industry contends that 
only people close to the shop- 
floor can deride whether a blue- 
print is achievable. Alternate 
governments have backed one 
or the- other view; but latterly 
the contest has become highly 
politicised 

CEGB has identified toe 
Advanced Gas-cooled Reactor 
with the Labour government 
whose then Minister of Tech- 
nology, Frank Cousins, imposed 
this fraught design on a CEGB 
that wanted toe boiling water 
reactor (BWR), At that time, 
cost figures for the BWR were 
astoundlngly low and designers 
could demonstrate large hard- 


ware, while tile AGR was tenta- 
tive at best. Was Cousins right? 
Well, tine American utilities 
have voted against BWR. 

But CEGB is shifting the 
blame for AGR problems from 
its own guilty shoulders. When 
it had to award Dungeneas B 
to the United Power Company, 
the only group that had done 
any homework on the des ign , 
the engineering aide of CEGB 
made it known that it did not 
approve and that it would 
“select” a consortium with 
which it would work to estab- 
lish an AGR design toe CEGB 
liked. The selectee was the 
Nuclear Power Group, sub 
mltter of toe BWR tender 
based on a General Electric 
riwrig n and which had consis- 
tently rubbished the AGR in 
toe preceding years. 

The outcome of that exercise 
was Hinckley B and thereafter, 
the CEGB kept very close con- 
trol over the whole design and 
fobmlssian process. 

It is not necessary to chart 
the chequered career of toe 
AGR through its various de sig n s , 
The record speaks for itself. 

The question must be asked— 
how can we be confident that 
the CEGB's handling of a 
family of pressurised water 
reactor power stations will be 
any different? 

I cannot resist tixe wry com- 
ment that the embattled field- 
marshals on either side in this 
extremenly expensive contest 
all come from toe same cradle 
— the AEA I 
Ted Schoeters, 

149 Parkside Drive, 

Exmouth, Devon. 

UK business 

associations 

From Dr V. Grant 

Sir,— Your editorial (March 
17) draws attention to toe 
absence of a coherent structure 
of business associations in 
Britain in contrast with coun- 
tries such as West Germany, an 
observation supported by toe 
conclusions of the recent Inter- 
national Institute of Manage- 
ment project on industry 
associations in nine countries. 
Too many British associations 
had inadequate resources, and 
the system as a whole was 
characterised by overlapping 
responsibilities and even com- 
petition for members and 
influence. 

The Devlin report did lead to 
the establishment of as advice 
centre to assist rationalisation, 
but it never received the re- 
sources or toe support that it 
required to make an effective 
impact The National Economic 
Development Office has helped 
to bring about rationalisations 
in a couple 01 sectors, and it 
may be that It should under- 
take a general review of how 
the system of business associa- 
tions hi Britain might, be 
improved. 

(Dr) W. P. Grant 
Unfoerritu of Warwick, 

Coventry. 



vn 




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26 


TROLLOPE & COLLS 


CONSTRUCTION 


01-3772500 



FINANCIAL TIMES 


Friday March 20 1987 


Brocket Hall 

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35 mins Central London' . ... 
50 Double Beds. Td. 0707-335241 



W illiam Hall looks at a report warning against reliance on imported energy 

Why US oil is on the road to ruin 


THE DAY after the US Administra- 
tion voiced its growing concern 
about the security threat posed by 
America’s increasing dependence 
on imported oil, the House of Rep- 
resentatives voted to scrap a major 
energy conservation measure and 
raise the highway speed limit from 
55 mph to 65 mph. 

The coincidence underlines the 
iframhl es nf current US energy poli- 
cy. Just 12 months ago, Vice-Presi- 
dent George Bush, a former Texas 
oil Tnan , stumbled into a political 
minefield when he urged Saudi 
Arabia to help stabilise oil prices 
which had fallen below S10 a barrel. 

He was ridiculed for aba ndonin g 
the US Administration’s public 
stance that market forces alone 
should be allowed to determine oil 
prices. 

Since then world oO prices have 
rebounded to above $18 a barrel, 
but if Mr John Herrington, the En- 
ergy Secretary, is to be believed, 
the Administration is more worried 
now than it was a year ago about 
the impact of low prices on the US 
oil industry, which for the greater 
part of this century has been the 
backbone of America’s economic 
strength. 

The crisis in the domestic petro- 
leum industry, an industry that is 
critical to our energy security, is 
fallring an enormous toll and is 
creating serious problems for the 
future,” says Mr Herrington in his 
foreword to the 350-page report En- 
ergy Security, released on Tuesday. 

The report was commissioned by 
President Ronald Reagan last Sep- 
tember in a bid to defuse criticism 
of the Administration's failure to 
help hard-pressed oil-producing 
states such as Texas and Oklaho- 
ma. It notes that US ofl imports 
rose by lm barrels a day to 53m b/d 
last year, while domestic oil produc- 
tion fell by 800,000 b/d and about 
150,000 oil-related jobs woe lost 
The study paints a grim picture 
of falling production, imports rising 
to more than half of consumption 
by the early 1990s, and an increas- 
ingly heavy reliance on op from 


US OIL 


„ m#on barretoporday 



Officia l WnwHng i n wa rds tfn» wwtm* . 
tied US oil industry. 

This is the first time tire Repu- 
blican Admtniirfmtinn bag said 
there is a problem," said Mr Dan 
Teigto, an oti expert with Cam- 
bridge Energy Besearch Associates. 
He believes that, contrary to some 


Saudi Arabia, Kuwait, Iran, Iraq 
and the United Arab Emirates 
which together control twotfairds of 
the West's reserves. 

The maturity of the US oP sector 
is underlined by the fact that it con- 
tains a mere 4 per cent of the 
world’s ofl reserves - although four 
times as many wells have been 
drilled in the US than in the rest of 
the world pat together. 

“While the collapse in ofl prices 
benefits the general economy of tiie 
US at the moment, it threatens the 
vitality of the US ofl and gas indus- 
try and poses risks to the economy 
in the future", says Mr Herrington, 
who wants that "the weakening of 
our domestic oil infrastructure 
holds the potential for significant 
and det rimental ramifications for 
our energy and national security, if 
action is not taken.” 

The challenge for policy makers 
is to find proper balance between 
relying on free and competitive 
markets, where they can exist, and 
fairing appropriate, cost-effective 
action to ensure the nation's eco- 
nomic health and national security, 
says the report, which Mr Herring- 
ton describes as a “first step in fo- 


cusing attention on this serious 
challenge.” 

The study does not make any re- 
commendations, a fthnnflh it does go 
to considerable lengths to destroy 
the arguments in favour of a fee on 
US oil imports. The bulk of the re- 
port contains a review of the US 
and international energy markets 
and an analysis of the various poli- 
cy options available and their pot- 
ential lmpartl- 

Given that the US is the world’s 
second biggest oil producer and the 
number one ofl consumer, accoun- 
ting for about a third of the Wests 
oil consumption, the idea that the 
current administration was pre- 
pared to ignore what was happen- 
ing to its domestic oil industry has 
always seemed rather odd. 

Nevertheless, there was a time 
last year when tumbling oil prices 
promised faster eoonomic growth 
nnri lower inflation, wrvi the admin- 
istration was reluctant to interfere 
with faHfag ail prices. This has now 
changed. 

Many observers believe the re- 
port is more than a public relations 
gesture to the Administration's cri- 
tics and marks a significant shift in 


tual harse-powerTias gone into the 
report 

Not everyone is so complimen- 
tary. The American Petroleum In- 
stitute said the report "somewhat 
understates the problem," and the 
International Association of Drill- 
ing Contractors (IADC) decribed 
the report as an “ivory tower docu- 
ment" that "only repeats establish- 
ed Administration positions that 
fall woefully short of the mark.” 

“What we need - ami need now- 
is the immediate imposition of an 
ml import foe,” Mr Ronald Tapp- 
meyer, IADC president 
However, Mr Herrington says the 
Administration is firmly opposed to 
an import foe and estimates that a 
$10 a barrel foe would depress US 
economic gro wth by more than 
S30bn a year 
Meanwhile, consumer advocates 
are attacking the Ad minis t ration's 
energy policy from a completely dif- 
ferent direction. They argue that 
while the Administration is work- 
ing on ways to prop op US ofl pro- 
duction, it is either ignoring or dis- 
mantling earlier arimiTHE ta -wfiftnc 1 
efforts to conserve foeL 
Buyers Up, an energy informa- 
tion group formed in 1983 by Mr 
Ralph Nader, the mnsmt tar advo- 
cate, notes that the Administration 
has attempted to eliminate all ener- 
gy conservation funding since it 
took office and has vetoed national 
standards for energy efficiency in 
appliances. 

It has also bowed to pressure 
from the Detroit car makers and re- 
laxed fuel cons ump t io n standards 
on new cars. 

Fmafiy, it has been estimated 
that tire old 55 mph speed limit 
saved 167,000 bands of ofl a day, 
worth $lbn a year. 


VW losses 
write off 
celebration 

Continued fr om Page 1 

Then it will all be over. For Mr 
Hahn and his fellow directors de- 
cided regretfully that a grand cele- 
bration was less than appropriate 
in the circumstances. 

For the VW workers, it is all ratti- 
er sad. The stairs into the final as- 
sembly hall had been freshly paint- 
ed yellow and black Yesterday, the 
white entrance walls still had no- 
tices warning of fresh paint. 

Mr Hahn will not be driven the 
few kilometres in the 50 millio nth 
car to the VW museum to defiver 
his speech commemorating the his- 
toric occasion. 

On the spot where he would have 
made his remarks is a menacing 
dark bhie Sdrocoo sports car, a test 
model capable of 245kmh. 

As for the fraud, VW is tittle near- 
er to solving the mystery of who, in- 
side and outside the company, 
caused the currency losses arid 
bow. 


Czech leader 
backs reforms 

Continued from Page 1 

dividual companies greater inde- 
pendence. Now be said the party 
was considering elaborating on the 
programme. 

At one point, he also noted that 
the new economic experiment was 
not panacea for the country's prob- 
lems. So far a few exporVoriented 
companies have been given greater 

leeway to determine the goods they 
produce and how to sell them. 

In his speech, Mr Husak stressed 
that his views reflected a "united 
stand” by the ruling party praesidi- 
um. Western rep orts of a split in the 
(highly orthodox) Prague leader- 
ship over the Soviet reforms were 

fabrications", he said. 


UK bankers warn over plans 
to tighten tax on foreign loans 


BY DAVID LASCELLES, BANKING EDITOR, IN LONDON 


UK BANKERS are preparing to 
fight Mr Nigel Lawson's decision to 
tighten up the tax treatment of cer- 
tain types of foreign lending in bis 
latest budget They claim that the 
Chancellor of the Exchequer's pro- 
posals will limit their ability to re- 
finance Third World debts, and 
could harm London’s position as an 
international financial centre. 

A spokesman tor the Committee 
of London and Scottish Clearing 
Bankers (CLSB) said yesterday 
that bankers were "dismayed and 
disappointed" by the decision. He 
said the matter had been discussed 
at yesterday’s regular meeting of 
the chief executives of the UK ma- 
jor dealing banks, and that a re- 
sponse was being considered. 

The bankers let their feelings be 
known as the Inland Revenue pri- 
vately began to circulate a draft of 
proposed legislation to implement 
the tax changes, According to one 
banker who had seen it, the terms 
were "very severe". 


Mr Lawson wants to limit the 
amount of tax credit that banks can 
fla im for tax W tfhhoM by forei gn 
gover n ments on loan interest pay- 
ments. At the moment, UK banks 
can apply the credit against all 
their profits; under the budget they 
would only be allowed to apply it to 
profit on the loan which gave rise to 
it 

Because much overseas lending 
by UK banks has been structured to 

♦eke wrh/ wnfaiff p pf fhi^ tfu» ffj jminfr 
tianaf the full tax credit could turn 
several b illi o n pounds worth of 
profitable loans into loss-makers, 
though fee shock will be c ush io ne d 
by a 12-month transition. 

Mr Lawson said his move was in- 
tended to end "the excessively gen- 
erous* tax treatment of overseas 
lending, and bring the UK in line 
with practice in other leading finan- 
cial centres. The CLSB has been in- 
vited to discuss the new legislation 
with the Inland Revenue, and the 


spokesman saM “We shall be taking 
up that offer." 

Althou gh details of how the tax 
will he calculated have yet to be 
worked out, bankers soy that it is 
already evident from the draft docu- 
ment that the chang es will have a 
far-reaching impact on their inter- 
national lending activities. 

An official at NatWest, the largest 
of tiie clearing banks, said "Some 
loan proposals may cease to be at- 
tractive to us.” He added that, if 
implemented, the new tax regime 
would put UK banks at a disadvan- 
tage to their foreign competitors, 
and would impose a heavy adminis- 
trative burden. 

The tax changes would cost lead- 
ing UK hwnW: several mflliiyii 
pounds each, even merchant banks 
whose overseas lending is not as 
large as the dearers. Morgan Gren- 
fell put the cost to itself at about 
E2m (SSJtm). 

lime runs out for tax-spared 
bans, ftge 32 


Record profits for Rolls-Royce 


BY LYNTON MCLAIN M LONDON 


ROLLS-ROYCE, Britain's state- 
owned aero-engine company, re- 
ported record pre-tax profits of 
£120m ($192m) yesterday when it 
announced its last financial results 
before privatisation late next 
month or early in May. 

The company, which is one of the 
best known names in British engi- 
neering and has been in govern- 
ment hands its bankruptcy in 
197 L, has now improved its profits 
for three successive years. Last 
year's surplus represented a rise of 
48 per cent on the previous year. 

Sales of engines and components 
rose to £L8hn, up more than 12 per 
cent on 1985. 


Prospects for this year were “en- 
couraging," Sir Fiends Tombs, 
chairman, said yesterday, when be 
Uip preliminary results 
for 1988. "We are an a very solid 
profit basis,” he said, "but there will 
be no profit forecast in the pros- 
pectus.” The pathfinder prospectus 
for the offer for sale of shares is 
likely to be issued early next 
month. 

The company and the govern- 
ment were keen to encourage a 
wide spread of shareholders, from 
private investors to institutions, Sr 
Francis said. The 42,000 employees 
in the company are to be offered 10 
per cent of the shares for sale. 


He refused to speculate on the 
likely value of the company as it 
comes to the market The compa- 
ny's net asset value would be about 
£800m after debts have been writ- 
ten off. 

Rolls-Royce will be offered for 
sale on the stock exchange with 
"zero borrowings,” Sir Francis said. 
The Government has already 
agreed to write off the company's 
debts of £283m by buying 
shares in value to the money 
rowed by BoDs. 

Rolls-Royce has been negotiating 
a £250m loan facility covering the 
next five years, to cater for season- 
al flu ctuations in flow 


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MWr D-Oriult F-firir fy. fog (HU 8-firib 

S-Ssia-aMSe-OmTtofcr 


Guinness seeking £5m 


* Continued from Page 1 

said. Tn litigation in the Jersey Is- 
lands (sic) and in statements to the 
press, the company has cn n t i nn«ri 
to publicly engage in an artificially 
my sterious international hunt for 
the money,” Mr Ward's statement 
said. 

Guinness wishes to establish the 
route and ultimate destination of 
believes that the money, which was 
passed through a tortuous network 
of offshore banks. 

The payment of £35m was one of 
a series of suspicions payments re- 
lating to the takeover bid worth a 
total of £25m, which have been the 
subject cf an investigation by the 
Guinness board rinqg the digmiecp f 
of Mr Saunders. 

Another £5Jhn waa returned by 


vately-owned Heron Corporation, 
who said be had not focused on the 
legal implications of accepting the 
money. Two other companies have 
returned a total of £L8m. 

Among the outstanding pay- 
ments still under investigation is 
one of £L65m to Morgan Grenfell, 
Guinness’ merchant h«nk during 
the takeover bid. The sum relates to 
services carried out after the bid, in 
particular in relation to the resolu- 
tion of the "Risk affair" when Mr 
Saunders was appointed as chair- 
man, overriding an earlier commit- 
ment to appoint Sir Tfanwas Risk, 
Guinness is disputing both the ap- 
propriateness and the size of the 
payment to Morgan Grenfell 


Churchill’s 

investment 

in BP 
pays off 
handsomely 

By Max WfBdnsan, 

Rwaourcwa Editor, hi London 

“CRAZYT, opposition leader Mr 
Nefl Kiimock said, describing the 
Governments plan to sell its 32 
per cent holding in British Petro- 
leum, announced on Wednesday 
night. 

However, it was Winston Churchill 
in 1914 who first broug ht the 
company under state control 
with a 67 per cent holding, and it 
was the Labour Government in 
1977 which ordered the biggest 
sate of BP shares. 

This is not just a neat irony: it flh»- 
trates the essentially commercial 
nature of the Government's stake 
in Britain’s largest company. 
Winston Churchill, as First Lord of 
the Admiralty, wanted to secure 
supplies of heavy fuel ml for the 
Rqyal Navy from the Angio-Pfer- 
sian Ofl Company, as it was then 
rn ifaH, which had discovered re- 
serves in Persia six years earlier. 
This arrangement suited fr* 
company because it guaranteed a 
market for its product and pro- 
vided a much needed £2m injec- 
tion of capitaL 

As a part of the agreement, the UK 
Government gained the right to 
appoint two directors to HP’s 
board, and through them to veto 
any of the board's derisions 


However, the p owe r of veto has 
never been used, and thee is on- 
ly one Government nominee on 
the board at present. Lord Barb- 
er, a former Chancellor of the Ez^ 


Now, ehurchflTs i n v es t me n t can be 
seen to have paid off handsome- 
ly. The shares still owned by the 
state are worth 2,480 times what 
the Government paid far its origir 
nal stake, a handsome profit 
even aDowfog for inflation. 

The company's em er g en ce as the 
world's third largest ofl major, 
and of the strongest finan- 
cially, owes www , 7t (o the painful 
consolidation which got trader 
way in 1981 when Sir Peter Wal- 
ters became chairman. 

This might perhaps be seen as the 
third broad phase in the compa- 
ny's development The first was 
the pioneering discovery of exude 
ofl m Persia and the Middle East 
with the development cf market- 
ing and refining, particularly in 
Europe. 

Then after its Gulf assets were ex- 
propriated in the mid-1970s came 
a remarkably successful phase of 
expansion of reserves and pro- 
duction in the West 

BP was the first to discover gas and 
then oil in Ihe North Sea, stri- 
king lucky with the Forties field 
in October 1970. 

Only 18 months earlier it had made 
one of the West’s most import ant 
discoveries at Prudhoe Bay in 
Alaska. This led to a deal which 
gave it control of Standard Oil of 
Ohio. 

However, these spectacular suc- 
cesses, coming at a time when 
the ofl price was soaring, began 
to pite up problems of success far 
BP. The high oil price and a 
world economic recession winch 
both reduced demand for oil, 
while huge overcapacity in the 
refining industry Mg 

losses in the downstream part of 
the business. 

Sir Peter realised at once the long- 
term danger of cross subsidisa- 
tion from tin crude production 
profits: he set about making all 
parts of the business profitable, 
starting with a major painful 

reduction in refining capacity. 

A similar hard-headed approach 
was applied to all other sectors. 
Each business was required to 
meet strict financial targets. 

Sir Peter’s derision to spend his en- 
ergies in making RP Imiw anri 
fitter rather than joining some of 
his rivals in the search for spec- 
tacular acquisitions cf (til compa- 
nies now appears extremely 
wise. 

It enabled BP to face the halving of 
oil prices test year with a very 
strong balance sheet and puts it 
in a good strategic position to 


its co m petitors in a world of low- 
er oil prices. 

“We have almost a dafly look at pas- 
sible acquisitions,” Sir Pteter 
says, but dearly he is in no hurry 
to buy at present prices. Nor does 
he need to be. 

He is even more sceptical about dir 
versifying into non-oil busi- 
nesses, fast because he hashttie 
Interest in any business which 
could not contribute U 00m 
($160m) in operating profit offer 
5 or 10 years, and second because 
of a sharp scepticism as to 
whether BP could outgun compe- 
titors in an unfamiliar business 
sector. 

Nevertheless, the balance is sure to 
change as the reserves in the 
North Sea and Alaska start to 
ran down. Exploration is Hkfiiy to 
be maintained at about the pres- 
ent level after a sharp cut last 
year. 

Market reaction. Page 12 



THE LEX COLUMN 

Not as prim 
as site looks 


manoeuvre which might pot a more 
favourable gloss on Its figures is as 
dfew «s ever, despite all the brick- 
bats. In reporting its most difficult 
year as a quoted company, Britofl 
haa adopted new accounting poli- 
cies which have foe effect of adding 
over E20Qm ($320m) to previous 
year’s earnings which nobody cares 
about, and reducing 1986 earnings 
by almost £50m. The result is to re- 
move the eanungs which would 
have covered the final dividend that 
the board now proposes to pay. . 

That very conservatism makes it 
slightly sur grirtn g flat the compa- 
ny fa prepared to pay an uncovered 
tfiyidend. The derision must surely 
be in part the result of fbe vety re- 
cent rise in the ofl price to over Sift. 
But the plan to spend an explora- 
tion. tins year only a third of last 
year’s levels suggests a very Hunted 
fom of optimism. The fact that Bri- 
tofl fe prepared to spezai as much on 
dividends as on exploration sug- 
gests that it is more concerned with 
its shareholders’ opinion than they 
might have thought. 

At 228p, 6p, BritraTs shares 

yield around the 48 per cent offered 
by rival Enterprise (XL But Ente- 
prise’s share price is at a premium 
to assets: BritoHs is at a hefty dis- 
count. Perilous too much has been 
of fhe fact ftmt the Britofl 
golden share fa** no fixed redemp- 
tten date. After the disposal of the 
entire state shareholding in BP, the 
remaining Knit with 

Britofl will look much less perma- 
nent 


BARRATT 



stewing new development in the 
lucrative area. . 

The result was a dechne in house 
sales when they should have ri s en . 
Inner city returbtehin eflt wor k, now 
half the total, His a gap but at low- 
margins. 

And though the sett-disdpKne of 
keeping gearing down to 35 per cent 
is generally admired, when re- 
tained wn-nings are squeezed in the 
interests of a genraous dividend the 
effect is to wjw n - kffi in y o h ri vs , znak- 
ing it harder to increase margins. 

The wor r y te toot Barratt will 
make it back to 1987a. £5Qm profit 
level just as the housebuilding cycle 
peaks. And a p/e of 4HS for tbs year 
to June 1888 is probably high 
enough to stop the shares: 


Oldham portfolio, and its broad ex- 
posure to High AluminaGanenfc 
may weH be valid, but tbeee prob- 
lems should, be.reflected toitese-; 
rent valuation of tbe^Okfiuun ©sb - 
parties. ■ ■ " ‘ 

if nni, MEP C oandaaMmd A nett 
valuation. But ft appear* that: Gld- 
faaib’x advisors are the more anx- 

teas for such an exerri^. ; - . . 

■ Tbs’! -real: problem „ fat MEPC 

: gharehoMraa u-.ttte attitude- of Mr- 
Harry H ynms , who owns -30 pe? 
cent of QMham&lbeffb-operativa 
Insurance^ 1 Company's dfeaskn- to 
: '.keQ>MrHyamsin'ig«r»^af.itii 
' negotiations to sell its 88 percent 
• stake in Oldham has probably guar 1 

anteed Mr.^yam^'o^otitiontn fa# 

tennsoffhebid.-. ;• 

• If by the. fund dosing date af 
. Apcfl- MrHyams few not been grp / 
__en sufficient inducement— in - 
form at a revised ofifer -to assent 
Ms shares, then MEPC wffl be left 

’ ' In HHltMt Ml ■ . 

Whose' .share, capital ft caasas in- 
crease' andvsiroseprofitsctHmbtha 
used to offset its own tax tesae&r . - 
Then Mr Uyams can Twait fbr a ‘ 
year until, MEPC is permitted to if- 
r him a higberpricefo? his shares 

■ ttnn> tfe n flbi* accepted by; Cfix As- . 

: for tiie MEPC ^^hride3s,pnades . 
appear to be c omingin at about 509 
tolmfevonrafthebid. 


Barratt 

While Barratfs at-a-gtence record 
suggests that its recovery is well on 
track, toe shares have won baric 
liifie of toe ground test against the 
market in toe phmge of 1883-84. 

Even yesterday’s news of a two- 
thirds rise in interim p ro fits to 
□25m was greeted with a price fall 

of 13Mp to 184p, admittedly in a mis- 
erable market Despite toe compa- 
ny's conversion to frauKrfai recti- 
tude and p ro mi se of a return to 
peak profiteand margms next year; 
Barratfs former followers have yet 
to embrace the new creed. 

The doubters found plenty in the 
figures to justify their saspiriqns. 
Barratt te dearfy having some diffi- 
culty seffing houses profitably out- 
side toe booming south-east, while 
toe gree n belt lobby is effectively 


MEPC/ Oldham 

Kteinwurt Grieveson’s 

y ffifarflay tO MEPC 

not to assent at Monday's extraordi- 
nary general meeting to the bid for 
Oldham Estates co nto rts rattier 
oddly with a circular of toe-same 
date from Oldham's mer c hant 
bank. 

Under its hfawi c onte n t there is 
the dear Imphcatten.thai control of 
the company is being sold at too low 
a price. It is concrivabte that both 
u t teran ces are wrong. But ft is not 
posable that both are right . 

' With~ft share -price at about a 20 
per cent disc ount to asseia it is ray 
difficult for mF-P G to makes non- 
dflutive a M f i w i i ti m- By a formula 
which it to buy Oldham's 

shares at toe same discount; MEFC 
has imbed that problem. It la 
absence of a pre mium for control 
which concerns Schrodera. i : 

Ktemwort’s remarks about the 
rundown nature of much cf &e 


; ’ Williams . 

• tfiihRirw Hnlrfinifit him •’ 

displayed why; 2t-js the CSfya fa- 
vourite BOt-ao-crini-cop^tHnertfe- 
The exceptfan&L growth r ft ' . has 
achievedwith.tbe hripof its Mgfe&r 
rated paper may slow down but the 
spread and strength of the acquisi- 
tfoosshodd ensure that tooe is no 
bubble tobufst Against pe rfor m er s 

— imil 

Morans may haentou&fe preven- 
tfng iPffliamfi? small stak^ tuntiug 
into a saccegafril cfier.-~But wide 1 
WflHam’s financial statements** 
veal more than many from camper- 
able companies, it is stiH nearW 
ixwsi bteto tro^imder^ringgrowto. 
and - Wflfiams has only avoided 
more wfttert uniinnwKnB 1w n«« 
of its wise preference for agr jR 
deals. Norcros is pre-empt iv ely do- 
ing gMn^thing about that fay. pain* . 
ting out that WUfiams’ set mrartr 
have shrank fay mare than 
since toe lMI takeover thanksio 
writedowns andprovirtons-aprii- 
cy vriridi contributes to that 48 per 
eent. return onaqntaL 













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CHAIRMAN AND DEPUTY CLASH OVER FUTURE OF GERMAN NEWSPAPER GROUP 



Nobel 


Springer racked by boardroom rift Industries 


A FIERCE boardroom row at West 


Swissair 
to cut 
payout 

By John Wfcfct In Zurich 

SWISSAIR, Switzerland's natimal 
airline w to propore a cot in «fivir 
dend after a 5A per cent dedzne 
in 1988 net profits to SFr 6ASm 
(Si 2m). 

The board is to reccanmend, at its 
April SO ammo! general meeting, 
payment of S ft 33 a share, 
against SFr 38 in 1988. Sharehol- 
ders will also be asked to approve 
a first-time payment of SFr 6 jW 
per participation certificate. 

Mr Robert Staubli, MBMBMBt 


- • - — oo tnur 

ashing group, the Axel Springer 
Vedag, is rapidly coming to a Hq«h 
asnd concern about apparently 
heavy buying recently of Springer 
shares from Ivindnn 

Mr Peter Tamm, Springer Ver- 
tex's chairman, and bis deputy, Mr 
Gu enter Prim, have had a serious 
dash over the future of the group, 
with Mr Tamm's associates accus- 
ing Mr prim of trying to topple 

him 

Yesterday a senior witness to the 
in-fighting confirmed "there 
are differences between the nnmr 
ber one and Dumber two men and 
everyone is' making efforts to get 


Peter Bruce in Bonn reports on the bitter 
in -fighting now heading for a climax at 
West Germany’s biggest newspaper pub- 
lishing group, amid concern about heavy 
buying in London of the group’s stock. 


Mt T amm framing rfi»miwir| af- 
ter the death in 1885 of the group's 
ftnmder, Mr Axel Springer. Last 
year 49 per wmt of the group was 
floated on the stock markets. 

A south Ge rman printing and 
publishing group, F. F. Burda, owns 
24.9 per cent of the stock ^ the 
Springer family 28.1 per cent. The 
hugely successful flotation, five 
times oversubscribed, raised DM 
558m (5305m). In the first half of 
last year the group tamed over DU 
L2bn. 


However, Mr Tamm has appar- 
ently incurred the wrath of both Mr 
Prinz and the family Burda because 
of heavy losses at SAT l.tbe coun- 
try's fledgling private television 
network. The Burda group pulled 
out of SAT 1 last autumn. 

Until now, however, SAT 1 has 
been prisoner to the German 
Bundesposts expensive but poorly 
marketed cpMfag programme. Up 
to last week regional government 
leaders agreed to give SAT 1 a 
channel on a new direct broadcast- 
ing satellite due to be launched in 
August, and the network's fortunes 
are likely to improve. 

At the same time, Mr Prinz has 
hwn the prime mover tyhinH the 

Irniiwh this mmifh of a DOW COlOUT 

magazine, Ja, the future of which is 


not yet secure and which could fail, 
weakening him. 

Mr Prinz is chiefly responsible at 
Springer for traditional media, in- 
cluding the mass circulation Bild 
newspaper, which sells about 5m 
copies a day. 

With time pressing, there are 
fears among Mr Tamm's supporters 
that a mystery buyer of Springer 
shares may be about to combine 
with the Burda group to try to top- 
ple him and trafatH Mr PrinZ BS 
Chairman. 

People close to the Burda family 
were yesterday denying reports 
that the Burdas bad met with Mr 
Rupert Murdoch, the Australian 
media magnate, in the US last De- 
cember. 

In any case, the removal of Mr 
Tamm would be complicated and 


could be effected only by the 
group’s nine-member supervisory 
board, on which all major sharehol- 
ders, Springer executors and the 
Deutsche Bank have seats. 

A crisis meeting last weekend be- 
tween one of the executors, Mr 
Bernhard Servatius, Mr Frieder 
Burda and the co-chairman of 
Deutsche Bank, Dr F. Wilhelm 
Christians, apparently decided to 
continue efforts to heal the rift be- 
tween the two top executives. 

By late yesterday afternoon there 
had been no decision to call a full 
supervisory board meeting - a , 
move which would probably end in 
a vote for or against Mr Tamm. I 
It was difficult yesterday to es- 
tablish how many shares had been ' 
bought through t f>p rfr> p in the past 
two weeks. i 

One person dose to the company , 
said he had been “surprised” at the I 
buying because the shares, at i 
around DM 650 each, are expensive i 
and, because of the strict conditions 
under which they were floated by 1 
the Deutsche Bank, only around 5 
per cent are thought to be easily ! 
available. j 

The supervisory board would 
have to agree to the sale of more ! 
than 10 per cent of Springer shares. ! 


advances 


SGS more than 
doubles deficit 


by 54% at year-end 


Biggest-ever US bank merger agreed 


BY WBJL1AM HAULM NEW YORK 


to reach "at least” 1986 results 
during the current year. . 

Swissair's total revenues fell. 7.4 per 
cent last year to SFr 4Q3bn be- 
cause of a 9.4 per cent deteriora- 
tion in traffic income to SFr 
3481m. 

Gross profits dropped 11 per cent to 
SFr 34&5m, permitting slightly 
increased ordinary depredation 
of SFr 276m, but no finpgtemen- 
taiy depredation (1885: SFr 45m) 
and no staff boons. 

Mr Staohfi said unfavourable ex- 
change rates fr ^d led to a 
revenue erosion of- some Bft- 
lOQnL.TbisJiad.beena resoltnet 
only of toe weak dollar but also 
because most Eureoe&nCiHixn- 
tie s had lost ground against ibe 
Swiss franc in 1988. 

Last year had been farther affected 
by “unforeseen tr affic stagna- 
tton,' with a stamp in demand on 
individual routes. Mr Staubli at- 
tributed fids to such lectors as 
terrorism to Europe, toe Cherno- 
byl disaster, and toe politicaL sit- 
uation fai South Africa and toe 
Middle East 

Swissair had failed to read* its goal 
of a profit on Sight operations, 
having recorded a loss of SFr 
60m to this sector. However, its 
“intrinsic financial substanc e 
was strengthened” as a result of 
lower world inflation rates and 
the fact that the cost of equip- 
ment had been red u c e d signifi- 
cantly by the dollar’s decline. 

The airttoe further realised SFr 
88m from toe sale of aircraft and 
spare parts to 19U and showed 
higher overall ea rnin gs from 
nonflight opera tio ns. 

The charter affiliates Balair and 


FLEET FINANCIAL and Norstar 
Bancorp, two fast-growing regional 
banks, have announced the biggest 
banking merger to US history, 
creating a new “super-regtonal" 
bank winch in terms of stock mar- 
ket capitalisation win rank among 
toe country's top 10 banking 
groups. 

Rhode Island-based Fleet Finan- 
cial and Norstar, based to up-state 
New York, agreed to combine to a 
“merger of equals.” 

The deal, which has been ap- 
proved by the boards of both 
groups, is structured so that Fleet 
acquires Norstar by issuing 5L3tan 
afnewahares. 


The merger is the latest in a se- 
ries by US banks and reflects the 

ro piit WttnaftHifatwin yfrinfr is taking 

place as the legal banters that have 
hitherto prevented banks from op- 
erating in more than one state are 
steadily dismantled. 

Under Rhode Island law, barriers 
to interstate banking activity in the 
New England states will be re- 
moved on July 1 1988. 

Until Wednesday's transaction 
the two biggest banking mergers 
were Wells Fargo’s Sl.OBbn acquisi- 
tion of Crocker National Corpora- 
tion in February 1988 and Chemical 
New Yak's SL19bn acquisition of 


EfiSckner-Werke to 
cot 4,000 steel jobs 


fill year,” Mr Staubli said. Swis- 
sair Associated Companies did 
not “meet objectives in all sec- 
tors, ’ but its net profits rose SFr 
ZmtoSFrSBm. 


BY PETER BRUCE M BONN 

KLOCENEBrWEBEE, one of Wert 
Germany's big four steel prodncers, 

end*cf'lM8 to an effort to stem 
losses in its steel division. 

Dr Herbert Gienow, toe groatfs 
rf) airman , said about h alf the 4£00 
jobs at tiw Maxhfltte works in Ba- 
varia would go in order to makefile 
plant more competi ti ve. 

Announcing a 1985-86 group op- 
erating prafatf DM 453 (SZlS®k^ 
DM 11.4m improvement over toe 
year before. Dr Gienow said that all 
KJodmer-Werke’s works would be 
affected by new job cute. 

All the other major West German 
steelmakers -Thyssen, Krupp and 
Hoesch - have already announced 
big lay-offs to an effort to combat a 
d ecli n e to Western European steel 
prices since summer last year: 

Jtfflyhiitfe, winch WkEff cun* 
structicuud steels, needed tobe able 
to compete with smaller European 
■miTls ^ntn g the game thing, Eh? Gie- 


now said. The lay-offs are bound to 
anger the Bavarian government, 
which has spent much of the past 
year "guaranteeing" workers’ jobs 
at file plant 

K16dro«r Stahl, the sted division, 
made a DM 262m operating loss 
during the year, a slight worsening 
of its previous performance. The 
Job losses will reduce total manpow- 
er to tbe steel division to 11 , 000 . 

However, the group’s efforts to di- 
versify away from steel, and specif- 
ically into a range of packaging and 
plastics machinery products, do ap- 
pear to be paying off. The operating 
profit to the non-sterimakxng divi- 
sions was DM 71.4m, up nearly 30 
per cent The group did not repatri- 
ate profits from foreign subsidia- 
ries. 

Dr Gienow also said KSckner- 
Werke had renegotiated its DM 
LBbn bank debt which had been 
converted into tang-terra debt <rf be- 
tween five and 10 years. 


Belgian glass Gemina eyes insurer 


Texas Commerce Bancshares last 
December. 

Although neither Fleet Financial 
nor Norstar is a well-known n»mg 
in the intematinmwi fwuiTn»i«i com- 
munity, they are two of the best 
performing regional banks - a fac- 
tor which has been reflected in a 
stock market capitalisation which 
overshadows many of their bigger 
and less profitable rivals. 

Ten years ago, Fleet was a rela- 
tively small banking group with as- 
sets of S2-9bn and earnings of 
3828m However, its earnings have 
grown at a compound rate of 20 per 
cent a year as the group has ex- 
panded into many nan-traditional 

US stores 
group hit 
by charges 

By Our Financial Staff 

CARTER HAWLEY HALE, toe Los 
Angeles-based department stores 
group, had its earnings almost com- 
pletely eroded in its latest year by 
special charges, largely relating to 
its eftorte to stem off persistent bid 
attempts by The Limited, an Ohio 
retailer. 

Attributable earnings for the 
year to January slid to $12m - less 
than a 10th of -the previous $ 48 m. 
This reflected debits of $25m deriv- 
ing from a recapitalisation pro- 
gramme backed by Genera] Cine- 
ma, its largest shareholder, as well 
as farther write-offs which 
stemmed from debt retirement and 
accounting changes. 

As part of the reshape. Carter 
Hawley is planning to spin off its 
speciality stores under Neiinan- 
Marcus, which would gain a sepa- 
rate listing. 

Net operating profits were flat to 
lower at 547fan, on sales which 
moved up from $3-98bn to S4.09bn. 
After deducting outlays on prefer- 
ence dividends, a per-share loss of 
SL27 was incurred, compared with 


frwwiriwg areas such as mortgage 
KflwVfng venture capital wd dwtn 
processing. 

In 1986 it earned 3138.1m on as- 
sets of Sll.Tbn. Norstar earned 
51018m on assets of SlUhn 

Based upon 1988 financial re- 
turns, the combined Fleet/Nbrstar 
Financial Group will have assets of 
S22JHm. 

On pro-forma return on assets of 
1.22 per cent it will rank second, 
and 13th to terms of its equity capir 
talof $L5bn. 

Under the terms of the agree- 
ment, each Norstar shareholder 
will receive 12 shares of Fleet com- 
mon stock. 


By Kevin Done, Nordic 
Correspondent, In Stockholm 

NOBEL INDUSTRIES, the Swed- 
ish awl armaments 

group. Increased its profits last 
yearly 54 per cent, and the com* 
pan? yesterday forecast a further 
flight improvement” in 2987. 

The group is at the centre of a 
political storm m Sweden and is 
under investigation far illegal 
aims smuggling to countries in 
the Far East and the Middle East 
including Iran. 

Nobel Industries said yester- 
day that group turnover rose 55 
per cent to SSr 11531m (SL8bn) 
from SKr 18J88hn in 1985. 

The concern, controlled by Mr 
Erik Penser, file foreign-based 
Swedish financier, boosted its 
profits after financial items to 
SKr 461m from SKr 380m to 
1985. It is planning to increase its 
dividend to SKr 356 f l fl» | q w p , e d! 
with SKr 255 far 1985. 

Operating profits were sfighfiy 
lower in 1986, but group earnings 
were helped by a big jump in fi- 
nancial income to SKr yim 

The main improvements in op- 
erating earnings were shown fay 
file Bofors ordnance division and 
the adhesives and paints division 
while speciality chemicals and 
chemicals and explosives both 
showed dearly lower profits. 

Nobel Industries incurred SKr 
240m to extraordinary costs in 
1986 including SKr 198m for the 
dosing down of Bofors Nobel in 
the US. This was partly balanced 
by extraordinary income of SKr 
146m hum tiw sale of property, 
and the disposal of the gi mp's 
electronics division and its bidd- 
ings to Comnonenta and Mini 
NobeL 


Mora international 
company news on 
Pages 28, 30, 32 and 47 


BY ALAN FRIEDMAN IN WLAN 

SGS, fiie Italian state-owned micro- 
chip manufacturer which may be 
merged with the semiconductor di- 
virion of France's Thomson group, 
is understood to have suffered a 
toss last year of 550m, more than 
twice the S20m deficit of 1985. 

The widening toss was the result 
of the continuing shake-out in the 
world microchip market SGS made 
the loss on 1988 sales of 'about 
2375m, up from S3Q0m the year be- 
fore. The company has not yet 
made an frfffcial announcement of 
its 1986 results. 

In the correct year SGS sales are 
expected to climb to about 2450m, 
and the company’s loss is expected 
to be halved. 

It is understood that the SGS 
1986 loss before interest was equiv- 
alent to 3 per cent of total turnover. 
The company's total indebtedness 
is around 2250m. 

Stet, the Italian state-holding 
company which controls SGS, has 
been negotiating far several 
months with Thomson to create a 


faint frnMftig company which 
eventually merge Thomson’s semi- 
conductor m a n Activities 

with those of the Italian company. 

The board of Stet is understood to 
hove discussed the merger project 
last Friday. No firm decision is like- 
ly to be taken on the matter at gov- 
ernment level in Italy until after 
the country’s political crisis has 
been resolved. It has been learnt, 
however, that progress is bang 
made in the Stet-Tbomson talks. 

Thomson last year derived 
around 5302m of turnover from the 
European semiconductor market, 
where its share was 54 per cent, ac- 
cording to Datequest SGS, mean- 
while, had $244m of European turn- 
over and 4f> per cent of the market 

The merger of Thomson’s semi- 
conductor activities and SGS would 
create Europe’s second-largest 
semicond u cto r company in terms of 
tu rno v er after Philips. Thomson 
ranks as Europe's fifth-largest and 
SGS as Europe's rixttt-laigert semi- 
conductor manufacturer. 


Holland American ahead 


BY LAURA RAUN M AMSTERDAM 


HOLLAND AMERICAN Lines, the 
Bermuda-based cruise and tour op- 
erator, raised p rofits by 76 per cent 
to S44m to 1988 from 225m the year 
before thanks to its travel and tour^ 
ism division. 

Earnings per share rose a more 
modest 22 pec cent to $72 from $59 
due to a tog increase in the number 
of shares outstanding. 

Cruise and tour operations were 
boosted by American tourists who 
remained at home far their holi- 
days instead of going abroad. Hol- 
land American Lines operates 
cruises in the Caribbean and off the 
north-west coast of America. It also 


runs tours in the US and Canada. 

Revenue rose 13 per cent to 
2304m from 2263m on higher occu- 
pancy rates on cruise ships. The 
products and services groups con- 
tributed to the higher turnover but 
made a more modest contribution 
to overall profitability. 

The group expects 1987 to be an- 
other good year but said that the 
high profits of last year might not 
be maiwtaiwpi! 

The company was founded in 
1873 to Rotterdam to ferry Euro- 
pean immigr ants across the Atlan- 
tic to the US was "H* into a 
trust in 1977. 


The distinctive line 
of Akbank 


“Most profitable private sector 
company in Turkey” 


- /r • *• ■***+» .«# *.#-£ -*> A jvj c -iNV 

S ' 


ASSETS 


group recovers 

By Jeffrey Brown in London 

A STRONG recovery bom losses 
and a return to dividend pay- 
ments is reported by Groceries de 

St Roch, the big Belgian glass 
group 

Against a net loss in 1985 of BFr 
109.5m ( 82 An). ti« winpany bas 

tamed » « 

840 . 4 . It plans a dwufend or Birr 
75 a share, its first pay m ent sra oe 
1979. 

Turnover last year toprov^BFr 

llbn, up from BFr 10J4bn in 
1985/ St Hoeh said all 

had managed to 

provement, notably the Vest 

German operations. 


BY ALAN FRIEDMAN M WLAN 

GEMINA, fiie Milan-based holding 
company whose major sharehol- 
ders todude Fiat; Mediobanca and 
Rreffi, is understood to be dose to 
acquiring majority control of the In- 
teramtmentale gro u p of insurance 


Gemina said yesterday it was nn- 


but analysts to Milan said the price 
pas likely to be around L200bn 
[2154m). 

fa t e ramtineatale, which has ua- 
di now been controlled by Mr Giu- 
seppe Cabasri, a property devetop- 
jr had -group premium i n co m e of 
[A06bn (S312m) last year. At the 
group level Interct arfmfmtale ranks 
as Italy's eightirfargest insurer (in 
terms of pr emium s). 


The Gemina tfaidfag co m pany, in 
which. Hat has a 29.5 per cent 
cK»r«»hfJding and effective control, 
has beat seeking to acquire an in- 
surance business far some time. 

Gemina, which is run by Mr Ce- 
sare Rondti - who is also Flat's 
group managing director - has de- 
veloped a portfolio of financial, pub- 
lishing and industrial interests 
since selling out a key equity stake 
to the Montedison chemicals group 
18 months ago. 

Gemma owns 62 per cent of the 
RizzofrCorriere della Sera pub- 
lishing company, as well as share- 
holdings to factoring, fund manage- 


metal processing c omp a ni es. 


For the fourth quarter alone, the 
wright of the one-off charges' 
pushed Carter Hawley $24J2m into 
the red, or a $U58 deficit per share, 
contrasting with profits of SIBAn, 
or 58 cents a share, in the previous 
comparable period- Sales were 
$L34hn against 2L32bn. 

lar^USrete^^boosted net prof- 
its in its January year by just under 
1 10 per cent to 2381m from 2347m, or 
22.44 a share, against a restated 
S2J20. Revenues grew from S9.54bn 
to SlOJShn 

For final tfrryg mnntihg pflm- 

ings advanced to S213m compared 
with 2195m, on a gain in turnover to 
£3-37bn from S3.12bn. Slay, which 
last year took over Associated Dry 
Goods for some £L5bn, said: “Our 
expansion schedule is on trade.” 


Cash and due from banks 
Reserve requirements 
Treasury Bonds 
Loans 

Participations 
Premises and equipment 
Other assets 

Total assets 

LIABILITIES 

Deposits 
Central Bank 
Other liabilities 

Total liabilities 

STOCKHOLDERS* EQUITY 
Capital* 

Reserves 
Protit (after taxes) 

Total stockholders’ equity 

Total liabilities and 
stockholders' equity 

(Converted at 1L 75550= US $J) 


Balance sheet a> at 
31.12.1986 
USS 

879.953.698 

275.599.947 

217805808 

920^47387 

89.744.675 

66.873.925 

303.079.772 

2.743.405.212 


2. Z 42329.673 
9.831.988 
332.780.791 

2.484942.452 


66 J 463 16 
93.214.711 
99.101.733 

258.462.760 


2.743.405^12 


"Capital has been increased to US $15&8 million 
as of March 1987 


London and Northern bid battle erupts 


Evereffs offer comes less than M 
boots after ti» L and N board 


km, we 

London 


health care and *&&&*& 


from holders of 75 per cent of Land 
N*s shares. Yesterday Evered raised 
its. stain* from 202 per cent to 


223p yesterday, that values each L 




■ C 




envisage a three-way split: to the 
group following a £2Qm capital m- 




os s unwanted onnrmi“ — — 
Tn>, which envisaged qifittagw 

Soaring them mdirid^. “f 

merger bid finally lapsed last Moo- 

day- 


Yesterday, L and N rented the 
Evered fad as unsolicited and said rt 
saw no otmunerdal rationale in 

combining the two «nnpantes^ 

demerger and capital injection 

plan, it added, would stiP go ahead. 

However, to be successful the ref- 
inancing proposals need approval 


vote against the capital injection 

upTiwim*. 

Associates of D em erger Two, 
which is backing the new demerger 
scheme, also increased their hold- 
ing in L and N yesterday to around 
9 per cent L and N directors control 
around 3 per cent of the shares. 

. Under the Erered offer, L and N 
shareholders are offered two 
Evered shares far every five L and 
N. With Evered shares down 17p at 


A cash alternative of 88p a share 
is bring underwritten by Everafs 
advisers, Robert Fleming. This 
compares with the 8Ip a share cash 
offer by Demerger Two, which was 
eventually recommenced by most L 
and N directors in the face of “dis- 
appamting* profit expectations far 


I* AKBANK has shown a distinctive line in 
it £the banking scene towering in figures and 
3 | ranging in activities. 

5 g With a dedication to increase its equity 
3 ^continuously AKBANK more than doubled 
7 .^ite capital from XL 50.000.000.000 (US $ 66.1 
3 l^nillion) to 7L 120.000.000.000 (US $ 158.8 
J ^million). 

5 Q Still holding its position in Euromoney's list 

2 > : of top 500 banks, AKBANK has been 

" £ recently appraised as one of the top 40 

| ji'ianks of the world by return on equity and 
assets. • 

| 'Q However, figures aren't alL 
* In its course of action, AKBANK offers the 

- & : fufl means of a leading bank in and beyond 
1 gfte country. 

£>■ In addition to its branches and 

3 £ representatives in the world business centers, 

- £< AKBANK owns the only Turkish financial 

- ^subsidiary abroad -Ak International Ltd in 
1 JiLondon. In cooperation with Banque 

^Nationale de Paris, AKBANK has also founded 
} £ a new bank in Turkey, namely BNP- AK. 

: ^Bringing in international finance and 

Ranking techniques to the country, BNP-AK 
1 |ihas- successfully completed its first year of 
^activity. 

§j In short, AKBANK has proved to be the 
<Sjg£iactive bank ever growing and ever 
accelerating in its distinctive line. 


AKBANK 


They remained consistently hos- 
tile to the demerger paper terms. 

L and N added 4ttp to 84ttp yes- 
terday. i 


Ak International limited 

• Ak International lid. hos completed its third full 
year of activities as a licenced deposit - taker. 

# Ak International lid. as of 1986. hod £ 10 million 
paid-in capital, balance sheet total of £ 122 million 

. and a prefit of £Z2 million before tax. 


• Ak International lid. is proud to be at your service 
for all your banking transactions. 

John Haiding-Generel Manager 
10 Finsbury Square London EC2A IHE 
Telephone: (01) 628 3844 Tele* 8955636 AKIL G 






This announcement appears as a matter of record onfy 

The Tung Private Group 

xs rcsss&si-*** 

US. $1,300,000,000 

Co-Chairmen of the Creditors’ Advisory Committee 
The Bank ofTokyo, Ltd. TTte Hongkong and Shanghai BatddngCo.po.atto 

The IndustrialBankof Japan, Limited ManufecturersHanoverThistConW 

The undersigned ee ted as financial a dvisor to the Group. 

Shearson Lehman Brothers Inc. 


January 27, 1987 


Wah Kwong Shipping Group Limited 


it with their 
mately 


U.S. $850,000,000 


AmexAsia Limited with the cooperation of Shearson Batman Brothers Inc. 
AmexAsxa M financial advisor for this restructuring. 


Amex Asia Limited 
Shearson Lehman Brothers Inc. 


December 31, 1986 


e.U dots not 



anyvcuh*. . 

U.S. $100,000,000 

The Queensland Government Development Authority 

(A corporation sole constituted under die laws of die State of Queensland) 

71 / 4 % Guaranteed Bonds Due 1992 



T 

JoV'ojaj 

IS 


Unconditionally guaranteed by 

The Government of Queensland 

The following have agreed to subscribe or procure subseribm for dte Bonds: 

Credit Suisse First Boston limited 

Deutsche Bank Capital Markets Limited Merrill Lynch International & Co. 

Bank of Tokyo International limited Banque Bruxelles Lambert S.A. 

Banque Natkmale de Paris Kidder, Peabody International Limited 

Morgan Guaranty Ltd The Nikko Securities Co., (Eorope) Ltd- 

Orion Royal Bank Limited Swiss Bank Corporation Internattonal Limited 

S. G. Warburg Securities 

The issue price of the Bonds is lOOVi per cent, of their principal amount, plmaaju^ mterest, if any Application has been made to 

tjbe Council of The Stock Exchange for the Bonds to be admitted to the Official List. 

Interest will be payable annually in arrear on 2nd April, beginning on 2nd April, 1988. 

... . -IT- - ■ ! — — -ilaeliteiiuii 


Financial Times Friday . Marrfi 20 108T 

INTL. COMPANIES AND FINANCE j 

vaieo set Deutsche Bubcockto Ilf 

to take over ut as profits rise 
Chausson UdVUUl * 


BY DAVID HARSH W OWWiAUSBI 




The issue 
theCoun 


Intereawui uc [Mjoun* wnimui ij lu mimu uu miu A y ih ) — a 1 * 

The Zxtel Card relating to the Bonds is available in the statistical service of Extd FinaiK^Umitedj^ 

I^^usual business hours op to and indudiiig 24th March. 1987 from the Company Announcements Office of The Stock 
Exchange ?nd op to and including 3rd April, 1987 from:— 

Credit Suisse First Boston Limited, Cazenove & Co., 

22 Bisbopsgate, 12 Tokenhouse Yard, 

London EON 4BQ London EC2R 7AN 


Cazenove & Co., 
12 Tokenhouse Yard, 
London EC2R 7 AN 


By Paul Betti in Pant 

VAIBQ. the French ear cempo- 


everted to takeover the ra*^ 

STooSng and beating 9**®? 
Mr*** of Chausson, an otte 
French car com groecto^ concern 
jointly owned byPrage^ and Be- 
nanlt 

The merger would fbm » 

Z3bn (1540m). K would makeVrito 
ffie toSng Enropemw 

Viators and engine coo&ngsys- 


h a tin g systems in car interiors. 

Details are to be announc ed to 
Mm two companies' central wont 
cOTDdk n?S. financial de- 


Vatoo and 


omies of scale to compete interna- 
tionally. The latest talks accelerat- 
ed the last few weeks since the ar- 
rival of Mr Nb3 Goutard as Va&o 

Mr Goutard was appointed by Mr 
De Benedetti, who last y ear 
acquired management contro l of 
Vafeo after a contro v ersial takeover 
hid far the group. 







23 

^pUl |T*> H ^ 

1 


r 1 i • • • 



SS? 




Tri 








IBs 

..I, 


nuunnn 

li o ' i ' III W I ' 










4U 

? PP 

Korea Exchange Bank 

£50,000,000 Floating Bate Notes doe 1995 
In acootdnce with the poriskns of the abo« Notes, “ 


1701 June 1387, the Nobs wifl cany an interest rate cf 
on each £5. 000-00 

on the rdevant interest payment date. t7m June MB*. asvmt 
Coupon 8 wffl be £127.60 and £1,276.03 nspecmdy. 

IQ23I Merchant 
122 JBank 




• BOMBAY* BONN* COLOGNE* COLOMBO 


20th March, 1987 
















I 




Z< * 



i 

D 



Banner Industries, fnc* 


ItewiordAjccmisilion Carp. 


. ; Rexnard Inc. . ' 
mmSH m! iSmSlii 1 £U »E«r 
DrexelBumham Lambert 


d tecortt ool ? 




f.iw ; 


$263,000,000 


fV:;- \\ m Bim bdiBb^ Me. 

> ; :■■ .' < $ 102 ^) 0,000 


M®: 




i • *:■*: 

m 






mv 










Price $100 a Share 


: 4 , $50,000,000 

'\;...Kidde f .lnc;-'-. 

& 6 % Senior Notes «fa»FrfKuaryl,1998^ 

iMMavMiMwkiloKimtii, . *• •,« 


* .k£_. 






Eli 










In the first nine weeks of 
1987, we managed 57 deals 
totalling $8.6 billion in the 
public and private markets 
for our clients. . 

Which explains why, since 
the beginning of the yeai; 
^veranked first in financ- 
ing industrial companies. 


In the highyield bond area, 
we continue to rank first with 
a 65% share of the market. 

But we’ve also raised . 
through public offerings $1.8 
billion of common stock, 
making us the second largest 
underwriter in that area. 

We even set a firm record 


by raising $3,5 billion of stock, 
convertible debt and debt for 
industrial companies. In just 
one week. 

Of course, none of this 
could have been accomplished 
without our commitment to 
the needs of American busi- 
ness. Or without the help of 




the 10,000 people who work 
at Drexel Burnham. People 
who continue to open up the 
capital markets to growing 
companies. 

In other words, they’re 
just doing business as usual. 

Drexel imhaB 

Helping People Manage Change. 


m 








































financial Times Friday. March 20 1987 


Tt*nc6cecon«STOWitti thereqiiranT8TTt8(rf the Ccxmtf of TTwSkxABcchangeondiJoeanrtMftsSfiite an oflwoC or 

toftfflkmto subscribe lor or purchase, any SeeurtBes-ftw Sscufitos wtaiedtobekw haw not been mgjtamdundsraw 
Unttad States Secufttes Aetot 1933 and may rat be offered soMwdsfceredrfPBdbortadftectyta the UnBedStatesof 

An»»ica.tetwittOftes or ttspcssaeakxia or to United States peraorw. 

STOREHOUSE? 


£69,000,000 

4V* per cent Convertible Subordinated Bonds 
Due 2001 

Convertible Into Ordinary Shares of a Nominal Vfelue of lOp each 

of Storehouse PLC 
Issue Price 100 per cent 

Thefoflcwing have agreed to subscribe or procure subscribers farthe Bonds: 


SirtCTBgikCotporal to n h itewiatic w w I lhwted CowityNatWest Capital Markets Umtosti 

CommeratankAKbongeseBacfeaft Kteinwort Benson Umted 

Morgan Grenfell & Co. limited 


Bank Mees& Hope NV 
Cricflt Lyonnais 

The NflckD Securities Co, (Europe) Ltd. 

SwisaVoBcsbank 


BanqwBmnBeaLMMrt&A. 
Credit Suisse Hrst Boston UmRed 
Salom on Bro ther* Inter nati onal limited 
Union Banker Swnzertand (Securities) United 


JuBus Baer In ternational Limited 
Bancadefia Svizzera Itaflana 
Compegn)ed6Ban<pieetdlnve8dssemeiit8,C81 

Lombard Odter inter na tional Und er w ri ter s SA. 


Bancs del Gotterdo 
Leu Securities Limited 
HandetoBankULVUL (Overseas) Ud. 

nnal I 

PfCtSC BtmTWrOMf UOL 


U.S. $100,000,000 
B.B.L. International N.V. 

(Incorporated with limited liability in The Netherlands 
and having its statutory seat in Amsterdam) 

Floating Rate Notes Due 1993 
Guaranteed on a Subordinated Basis 
as to payment of principal and interest by 


Banque BruxeBes Lambert S. A J 
Bank Brussel Lambert N.V* 

( Incorporated with limited lability in Belgium) 

In accordant with the provisions of the Notes, notice is 
hereby given, that for the interest Period from October 
17, 1986 to April 21, 1987 the rate for the final Interest 
Sub-period from March 20, 1987 to April 21 , 1987 has 
been determined St 6%% per ahnum/ahd Oierefdrethe 
amount of interest payable against Coupon No. 4 on the 
relevant interest payment date April 21, 1987, will be 
US$3,1 67.54. d as*. 

The Chase Manhattan Bank, si <1 

NA, London, Agent Bank 

March 20,- 1987 CMAfl 


Citicorp Finance PLC 
£150,000,000 

Guaranteed Floating Hate Notes Due December 1997 
Unconditionally Guaranteed by 

cmcoRPO 

Notice is hereby given that the Rate of Interest has been fixed at 
9.725% and that the interest payable on the relevant Interest 
Payment Date, June 19, 1987 against Coupon No. 6 in respect of 
£10,000 nominal of the Notes wilt be £245.12. 


, March 20, J9B7, London 
By: Citibank, N.A. (CSSf Dept.), Agent Bank 


ClTIBANiO 


KANSALUS-OSARE-PANKKl 

YltUXXMXKJDOQ 

Subordinated Reverse Hooting 
Rate Notes due 
15th August 1991 
Far the six months 16th 
February 1987 to 17th August 
1987 the Notes will bear interest 
rate factor at 4.2153%. Y42£I3 
will be payable on I7th August 
1987 per Y 1,000 .000 principal 
amount of Notes. 


KANSAUB-OSAXE-PANUU 
Y 10,000400,000 

Subordinated Reverse Hooting 
5th September 1991 
Rate Notes due 

For the s lx months 5th March 
1987 to 7th September 1987 the 
Notes wtfl bear interest rate 
factor at 4.1332%. Y41.332 will 
be* payable on 7th March 1987 
. per 'TlfiOOjOOO principal amount 
of Notes. 


KAWASAKi STEEL 
CORPORATION 
YKUNNUXKMMQ 
Reverse Hosting Rate Notes 
due 5th September 1991 
For the six months 5th March 
1987 to 8th September 2987 the 
Notes will bear Interest raw 
factor at 44928%. Y40.928 will 
be payable on 8th September 
1987 per T 1400400 principal 
amount of Notes. 

Yamakhi internat i onal 
(Europe) Limited 
Reference Agent 


New Issue 


These bonds having been sold, this announcement appeam as a matter ot record only. 



INTERNATIONAL COMPANIES and FINANCE 

The national airline is among companies due for privatisation. Mervyn de Silva reports 


Lanka 


A PRIVATISATION unit will 
be set up soon in Sri Lanka’s 
Ministry of Finance and Plan- 
ning to study which state cor- 
porations and other govern- 
ment-owned businesses should 
be sold off and to what extent 
these should invite foreign 
equity participation. 

The move follows a law 
passed recently by parliament 
enabling the ministry to convert 
into public companies 24 state- 
owned commercial enterprises 
taken over under the Business 
Acquisition Act passed in 1971 
by the left-inclined government 
of Mis BandartflflQte. 

Besides these undertakings, 
the privatisation unit will in- 
quire into the viability of 
several large state corporations, 
according to Mr Bonnie Be Mel, 
Finance Minister. Top of the 
list are Air tanka, the state 
flag carrier, as well as corpora- 
tions for shipping, cement, 
building materials, steel, tex- 
tiles and ceramics. Together 
they have taken Rs 15 bn 
($521 .7m) in foreign loans and 
owe more than Rs 4bn to the 


two state banks, Bank of Ceylon 
and Peoples Bank. 

The World Bank-sponsored 
aid group meets in Paris in 
June and the minister hopes to 
raise about $S00m- Tie Govern- 
ment has also applied to the 
International Monetary - Fund 
for loans amounting to $24Gm. 
Both institutions have been 
severely critical of substantial 
Treasury advances to inefficient 
state enterprises. 

The latest World Bank report 
noted <>at such advances have 
now been extended to non* 
manufacturing enterprises — Air 
tanka, the Transport Board and 
the Urban Development 
Authority were named. The 
report also describes the 
Finance Ministry's expenditure 
control as ineffectual. The 
privatisation plans form part of 
the response to this by the aid- 
dependent Government. 

President Jayawantene has 
irritated prelimunary negotia- 
tions with SAS, the Scandin- 
avian airline, to reorganise Air 
Lanka and a special presiden- 
tial commission is investigating 




Mr Ronnie De Mel: inquiry 
into viability of companies 

the affairs of the airline. SAS 
is reported to have recommen- 
ded that the government 
shareholding should not exceed 
40 per cent. If SAS is to under- 
take a recovery operation, as it 
did with Thai Airways, it is 


expected to insist on nominat- 
ing {he chairman and a majority 
of the board. 

This week -fee Treasury re- 
leased Rs 230m in response, to. 
Air Lanka’s request for Rs380m 
to meet kwn commitments. The 
balance will be advanced' next 
month. In the pest five years, 
the Treasury basgbrenAiz 
tanka rs 5.fibn to repay foreign 
debts which are government 
guaranteed. Some Rs L2ba was 
allocated for Air La oka in the 
1967 budget a sum just enough 
to service debts and maintain, 
its present fleet A 175 consult- 
ancy firm has reposted that the 
corporation's main problem is 
under - capitalisation. 

Among other rationalisation 
moves, fee Government has 
already Closed -a area factory 
of the Fertiliser Manufacturing 
Corporation whicij cost Rs 2bn 
and incurred losses of Kslbn 
a year. ' •./•• 

According to Mr De Mel, the 
project was origtoaRy approved' 
despite his protests that a urea 
factory based on Naptha as raw 
material was “senseless in a 



United Overseas Land returns to profits 


BY STEVEN BUTLBt ON SINGAPORE 

UNITED OVERSEAS LAND, any strong recovery in the provisions taken earlier due to by an exceptional loss - of 
the listed property arm of the property market. Rather the the diminution of value ot S$24L3m doe to fraud which. 
United Overseas Bank in company said that 1987 would quoted investments. This it had earlier disclosed, at Its 
Singapore, moved back into the be another difficult year for measure reflects the strong Bong Kong main branch, 
black in 1986, with a group the property and hotel industry, recovery of the Singapore stock Discounting.. tite exceptional 

after-tax profit of S$&5m Although property prices market in the past year. loss, profits at the bank fell by 

(US$4m) compared with a appear to have bottomed out. fe Net profits at Singapore’s 7 A per. cent to syft.4«i, while 
S$21m loss in 1985. Group turn- they are unlikely to rise Overseas Union group, group profits rose by 4.7 per 

over rose by 51 per cent to substantially, and the rental one of the island's big four cent to SRSbfim. 


non-oil producing country wife 
today’s ott and gas prices'* be 
said this was an example of 
how the politics of public spend- 
ing prevail over coomonsesse 

economics. 

An easy avenue of Cmpliy- 
meet loir party supporters, the 
.amhitinnsof " empire-building’* 
mizriaticies and -the prospects of 
hi g hl y paid jobs for political 
fr uotirites are attractions which 
outweigh strict financial con- 
sideretions. 

Some 17 companies hare 
none fee less responded to an 
international tender by . the. 
Industries Ministry.' The 
ministry is toon, to restart the' 
urea factory, which can manu- 
facture 300,000 tonnes of 
fertiliser a year. 

- .At fee same time. President 
Jaya wardens has -appointed a 
committee to report on 
privatisation of telecommunica- 
tions. Cable and Wireless, Bell 
Canada : ami a Japanese com- 
pany .were in fee running for 
-fee contract when , the Govern-' 
men! , decided to appoint the 
committee.: . ' ' " - 


X 


ahead midway 

My Oar Hamad Staff — 


isure renecra me strong turns *ong mam nranen. JOHN FAIRFAX, whife earlier 

irery of fee Singapore stock Discounting., fee exceptional w h y i«wt MfU mar t urnr- 
*“?*“*■ . hies, profits at flochfathe battle for^^alian 

Net profits at Singapore^ 7.8 per. cent to S5 3t .4 an , while media -sapremacy, yesterday re- 

■ ,1 ■ TT>l<u> BmI, U I W1I II TimAt, moo lw 17 na* - . . ■ ■ , , 


Overseas Union Bank group, gro^pr^sroae by 4.7 per parted interim net profits barely 


-S$7&8m. 

XJOL's return to profitability. 


however, does not yet indicate write-back 


market remains weak. 

The accounts included 


last year plunged by Q6J5 per 


directors 


cent to S912JSm (US$5 J7m). mending feat fee final dividend 


S$ 13.6m for The decline was caused mainly be omitted. 


Wells Fargo 
& Company 

U.S. $200,000,000 

Floating Rate 
Subordinated Notes 
due 2000 

la accordance with the 
provisions of the Notes, notice 
is hereby given that for the 
Interest Denod 
2G± March\1987 to 
20th Apifi, 1987 
Che Notes wiH carry an Interest 
Rate of 6%% per annum. 
Interest payable on die relevant 
interest payment date 21st 
April, 1987 will amount to 
US$58- 89 per US$10,000 Note 
ami US$294.44 per US$50,000 
Note. 


Agent Bank: 
Morgan Guaranty That 
Cotnuanv of New York 


£109,006,000 Guaranteed 
floating Rate Note 1995 
ItoriMtnfiy 
ga aan te ed as to payment 
of principal rod 
interest by 

THE REPUBLIC OF FRANCE 

Xa ■ ceo pfa a rr wjfa tte team «ad mrafetm at 
the Notes, notice to hereby given dm kx the 
C&roe raortti kateesJ period from Ifcfc Mctb 
1987, the Note w9 an? » me of teat of 
i9H% pa Hamm, the irionai vans 
payment am uB be ISA June 1987. The 
| c oupon tuMinm per £5000 rit be £122 88 
pqafale ipW wmoder of coupon No; 14. 

HsaiincBigkUnfitd 

Agent Bank 


March 17, 1907 


National Bank of Hungary 

(Magyar Nemzeti Bank) 

Budapest 

DM 200,000,000 

6%% Bearer Bonds of 1987/1994 

- Stock Index No. 480331 - 
Offering Price: 100% % 


Dresdner Bank 

AMUmsjowOschatt 


Bayerische Vereinsbank 

AkUwtgeaettaehati 


DC Bank 

Deutsche Genossenscfisftsba* 


Morgan Stanley international 


Deutsche Bank 

AkUenpaMaschBft 


Westdeutsche Landeshank 

Gbozentrale 


Arab Banking Corporation < 
Dau8&Co.GmbH 

Daiwa Europe 
(Deutschland) GmbH 


Nomura Europe GmbH 


Banque Paituw 
Capital Markets GmbH 

Industriebank von Japan 
(Deutschland) 

AkUofiseHltaGhfltt 

dstemeichiacfie LSnderbank 

AhJiaigeseUschan 


Citibank 

AkUenBWMUschaft 


Manufacturers Hanover 

UmitBfl 


Orion Royal Bank 

LimiM 


Japan curbs foreign trust banks 


BT IAN RODGER IN TOJCTO 

A DECISION by fee Japanese 
Ministry of Health and Welfare 
(MHW) to continue excluding 
some foreign trust banks from 
management of its pension 


FOREIGN TRUST BANKS 
IN JAPAN 

Fund* at December 1984 (Yfan) 


of Mannfartnrera Hanover Trust 


• ■ . r ahead at A$25^4m <US$Z7ASml 
are recoin- compared with A$35 l8Shi. . 
nri dividend ibis result was readied, how- 
ever, before the inclusion of 
A$89fi2m. in extraordinary 
gains arising .from a . capital 
dividend paid to the group by 
Australian Associated Press. 
This foQowed the sale of AAR’S 
Reuters B shares. Fairfax’s own 
interim dividend is up from 5 
cents g chare to &5 cents. 

- Interest outgoings in fee six 


Bank, agreed, saying that tile, months to December 28 dipped 
. foreign trust banks were bring- by a sixth to A$11.6m but are 
‘i- ing * lot mare to Japan in terms forecast to jump again to the 


Fund Pen.- of good pension food practice. I second 


following. 


funds has caused an angry Tol £ tot '2?* **°? thxn they were taking out A$820m acquisition of HSV-7 

response. Morgan Trust _ 0 40 1 \r. Uiphul Twnalln bwwtbI the'- MpHxwirno - tpiovidAt! 


response. rwmtmt « 

The ministry confirmed yes- eP— Tl t -- 

terday feat the nine foreign S^Jr nfmtan S 

owned trust banks fa Japan ... ^ 

would not be offered a portion Hanorer if 

of the T200bn ($Uffin) to be Cbemial Tst 38 

placed next month by the Pen- uss 1 

sion Welfare Investment Fund. Cmfit Sohse 38 

an institution which handles fee Barclays Trust 23 

pension funds of public sector __ _ 

workers. Totai 402 

The ministry kaid the foreign -- ' ~ • 


1 Mr Midrael Tomalin, general the Melbourne - televirion 
I manager in Japan of Barclays station which Fairfax secured 
0 - said that now Japanese as consolation ' prize to ' the' 

pension funds were more inter- -January contest for. ownership 
O ested in investing abroad,, tiwy of Herald and Weekly Times. 

0 would need the foreign trust Fairfax said TV- operating 
0 tanVu, which had much mare rests rose at a faster rate than - 


experience. 

Mr Osama Toba, president of 


revenues, but the Sydney Mere- 
ing Herald and its other news- 


Morgan Trust, Mid he suspected P«P«» Pe®*®*? 1 ®* wen - Tom- 
feat the real reason for the . ex- ^ cent t0 

dmten was feat fia l AgtBa.Tam.-. .... ..s 


trust banks had not yet accu- vice-president of Chase Man- trust hanks did: not want more 
moisted enough experience in hatt&D, said that fee Ministry competition^ .. .. 

Japan to be entrusted with, should - consider -the- banks* - Mr DemiisFeEro c president’ of 


nsron was that the Japanese 
ost banks dfa not wantimwe 

mn»trtinn - jaTgest retailing group, boosted 

mpaonom ^ fixsthaH met profits 18.7 per 
Mr Dennis Ferro, preshtent of cent vto sales fi 


Japan, 


declaration. 


Is deferring 
an interim 


accumulated funds of Y578bn. the trust h a nki n g business for hopueful tint some foreign dividend ustil Jnlv because of 
By contrast, the seven Japanese 40 years and feel we can bring trust banks would be offered a pending Aarges to dividend tax 
tfdjraOj^Sbn in an expertise^that^ Japanese trust portion of the Y500bn r to imputation i V the federal 
. ^ iom •" ... the previous 


funds at fee end of 1986. 

Mr Robert Binney, senior 


banks do not have.” 

Mr Robert Sharp, president 


YlfiOObn that the MHW jlans authorities. 


to allocate this summer. 


period 8 emits was paid. 


Mitsubishi Electric helps Aka! 

BY YOKO SHIBATA IN TOKYO 

MITSUBISHI ELEC1RIC of players and digital audio tar 
Japan is to unify its domestic recorders to Akai. 
audio business wife that of 

Akai Electric, in an attempt to -32^?^ * 

beef up Akai's audio sales. 

Mitsubishi is fee lossmaMng «J° 

Akai's largest shareholder with 

some 7.7 per cent, and has been ^ does m 

assisting in a restructuring. It maKe- 

will now assume responribllily Akai will be able to sel 
for marketing and service, and products through Mitsubishi’/ 
Akai will take over develop- 5,000-store domestic network 
meat and production. A joint Akai, now heavily dependent or 
statement said Mitsubishi will exports, plans to reduce it 
transfer its research and export ratio to 70 per cent fronr 
development divisions for video the current 85 per cent by 
cassette recorders, compact disc doubling domestic sales. 


MARINE MIDLAND 
BANKN.A. - 

U.S.S125, 000,000 Floating Rate 
Subordinated Capital Notes 
Due 1096 

For th© three months . . . 

19th Marti, 1987 to 19th June, 1987 
the notes will cany an Interest rate of 6%% 
per annum wife a coupon amount of U.S. SI 69.31 per 
U.S.$10,000 note and U.S.S846.53 per U.S.$50,000 note. 
The relevant Merest payment date will be 
19th June, 1967. 

- Listed on the London Stock 


NEW ISSUE 


These Bondshavingbtmsoldjthisamwuncemaitappeanasamaiterofrecordonly. 


MARCH 1987 



Al R CANADA 

(Montreal, Quebec, Canada) 

A federal Crown corporation 
. Wholly owned by the Government of Canada ' 

DM 200,000,000 

6 % % Interest- Adjustable Subordinated Bonds 1987 ff 


CSFB-Effedenbank: 


Banque Natkmale de Paris 


Hes^dbeLaade^bank 

-Gironatnde- 


Scbweizerisdber Bankverem (Deutschland) AG 


Industriebank von Japan 

(Dcvtschlaad) Aktieneesellsduft 


DSL Bank 

PwteteBefcgi nil f iiiuii iifhnlimil 


Landeskredltbank Baden-Wnrttembeig 


(! 






Facial Tunes Friday- March 20 1087 




31 


Notice of Mandatory Partial Redemption 


EUROPEAN ECONOMIC 
COMMUNITY 

U.S. $65,000,000 14% per cent* Bonds due April 20, 1993 

ofthe t * iat * n accon * ance ^'h clause 4(a) of the Bonds, US$9,250,000 principal amount has been drawn for redemption at their principal amount, through the operation! 
iuanoaioiy sinking fund, on the next Interest Payment Date being 20th April, 1987, when interest on the Bonds will cease to accrue. 

Principal amount outstanding after such redemption will be US$55,750,000. 

The senal numbers .of the USS 1,000 Bonds drawn for redemption, are as follows: — 

1 3*0 676 Qfta 1 -no i.-n V . F 


.340 
2 343 
-3 345 

4 346 

5 347 


678 S 13M 1MO iw '2£ -S 110 M2! 6758 7076 7400 7739 8058 ®9S 8«1 8991 9297 9632 

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25 SSf ;2 Ti ??*? 2S3 2623 2909 3204 3523 3824 4151 4484 4819 5141 5460 5783 6113 6427 6760 7079 7404 7742 8070 8399 8694 8993 9299 9635 


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The Serial Numbers of the US$10,000 Bonds drawn for redemption, are as follows:— 


id 259 

79 210 »2 

106 223 298 

130 2B 301 

140 240 307 


Art -§xi 75a' 834 9® ‘1048 U68 13©' 1353 1479 1543 1599 1648 1704 1930 2059 2200 2334 2615 2®6 27© 2880 2953 3028 3 152 3216 3303 

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3431 

34® 

3494 

3519 

3520 


3526 

3530 

3540 

3547 

3601 


3623 

3635 

3663 

3703 

3747 


3759 

3790 

37© 

3806 

3820 


3829 

3897 

3900 

3925 

3932 


3974 

39® 

3987 

39© 

4001 


40® 

4032 

4050 

4089 

4098 


41© 

41© 

4177 

4204 

4228 


4342 

4354 

4401 

4415 

4431 



Accordingly on 20th April, 1987 the Bonds so designated for redemption will become due. Repayment of principal will be made upon presentation of the Bonds with all unmanned coupons 
attached at the offices of any one of the Paying Agents listed below. 

Paying Agents 

Bankers Trust Company Bankers Trust Company 

Dasbwood House, Corporate Trust and Agency Group 

69, Old Broad Street, Four Albany Street 

London EC2P 2EE New York 

NY 10015 


Basque Indosnez Belgique 
rue des Colonies 40 
1000 Brussels 


Banqae Indosnez Luxembourg 
39 Allee Scheffer 
Luxembourg 


Bankers Trust AG. 

Dreikoenigstrasse 6 

CH -8022 Zurich 


Accrued interest due on 20th April, 1987, will be paid in the normal manner against presentation of Coupon No. 6, on or after 20th April, 1987. 


Bankers Trust 
Company, London 
20th March, 1987 


Agent Bank 




r 












32 


jftnanctel Times Friday March 20 I9S7:;; j 


INTERNATIONAL CAPITAL MARKETS and COMPANIES 



David LasceDes and Stephen Fidler on bankers’ anger at a UK Budget move 


Time i nns out for tax-spared loans loophole Eurosterling sector gains; 


Traders 



UR NIG'EL LAWSON, Britain’s 

Chancell- or of the Exchequer, 
has poked a hornet's nest with 
his dec-Won in Tuesdays 
Budget to alter the tax treat- 
ment of foreign loans made by 
banks resklent in the UK. 

Although the claims made by 
angry bankere— that hi& pro- 
posals will throttle foreign lend- 
ing and possibly even damage 
London’s status as a financial 
centre— may be exaggerated, 
the measure is nevertheless 
bound to affect the economics, 
and therefore the volu me, of 
foreign lending from the UK. 

The precise impact will de- 
pend on the technicalities of 
the legislation now being 
drafted, and how strict its 
terms turn out to be compared 
with those of competing finan- 
cial centres in other countries. 

Altering method 

Hr Lawson is proposing to 
alter the method by which 
ban ks ca n credit against their 
UK profits any tax withheld by 
another country on loan 
interest payments. 

In the past, banks have been 
able to apply the tax credit to 
any of their UK profits. In 
future, they will be able to 
apply it only to profits from the 
loan in question. Since these 
profits are usually quite small, 
most of the tax credit will go 
to waste. 

UK banks have used this re- 
lief to make billions of pounds 
of loans at reduced rates, 
effectively sharing the benefit 


with the borrower. In addition, 
banks have made so-caHed "tax 
spared” loans, where no with- 
holding is actually made, but 
where the UK authorities deem 
that it is. This effectively 
grants a tax concession to sub- 
sidise the cost of lending — in 
practice mainly to Third World 
countries like India, Pakistan, 
South Kbrea, Singapore and 
Malaysia. 

Such borrowings have been 
used with good effect in compe- 
titive financing s, including a 
number of Airbus contracts. 
Some bankers have expressed 
the view that since large air- 
craft orders depend heavily on 
competitive financing, contracts 
may be jeopardised. 

Conscious that the UK might 
change the law, bankers have 
included in most tax-sparing 
loans a clause which allows the 
automatic resetting of interest 
margins if there is a change in 
tax regimes. However, there has 
been borrower resistance to 
these clauses and they may 
have been dropped for compe- 
titive reasons on some loans. It 
is also questionable how com- 
mercial the fall-back interest 
rate would be. 

But not only tax-sparing loans 
are affected. The profitability 
will be reduced and probably 
wiped out on all loans to coun- 
tries in which withholding tax 
is applied. These include au the 
large debtor nations of Latin 
America, Nigeria, as well as 
countries like Australia and 
Japan. 

Potential loss-makers are 


those loans where the return 
has been negotiated with the 
borrower on a gross basis be- 
fore the payment of withhold- 
ing tax. Since receipts here are 
often below the banks’ cost of 
funds, the margin of profit- 
ability previously depended on 
the UK tax breaks. 

Some bankers see it as a 
potential complicating Actor in 
& number of major reschedul- 
ings for Third World borrow- 
ers. M It seems a strange move 
to make at this time, particu- 
larly since it is yielding so little 
to the Exchequer,” said one 

FOREIGN LOANS OF 
UK-BASED BANKS 
(Sbn) 


December 1W5 
March 1986 
June 1986 
September 1986 
December 1986 


172.8 

178j6 

1813 

184.1 

187 Jr 


(External daiiru of UK monetary 
sector and financial institutions on 
non-banks abroad. Indudes certain 

securities boWings.) 

Source: Bank of England 

banker. “It will affect the 
readiness of banks to make new 
loans to LDC (less developed 
countries),” said another. 

Depending on how the new 
re gime is applied, it could force 
UK banks to Charge about 1 
percentage point more on their 
foreign loans to recoup the lost 
tax credit. The key factor is 
how the Tniand Revenue calcu- 
lates the profit on a loan. 

According to draft legisla- 


tion being circulated in the 
City, “just and reasonable” 
costs will be allowed, which 
most bankers take to mean that 
the Revenue will set London 
inter bank offered rate (Libor) 
as the cost of funding a loan. 
But the mathematics are notor- 
iously complicated because 
loans are often funded from a 
constantly pot of 

money, rather than from a 
single identifiable liability. 

As for ihe impact on Lon- 
don's competitive position. Hr 
Lawson claimed that his mea- 
sures would bring the UK into 
line with the practices of other 
countries — thereby implying 
that UK banks would sot suffer 
a competitive disadvantage, but 
only lose an advantage. To some 
bankers, however, this claim 
has a hollow ring. 

US banks have never been 
involved in tax-sparing loans, 
but the US tax treatment of 
withholding tax now appears to 
be more favourable than the 
UK position, according to some 
tax experts. Countries such as 
Belgium, France, Luxembourg 
and those in Scandinavia still 
allow tax benefits; Belgium has 
encouraged the esta bl is hment 
of subsidiaries by foreign banks 
expressly to book loans. 

Some countries are also said 
to allow benefits to be carried 
forward from one year to an- 
other, or to be applied against 
all the profits from a particular 
country. __ 

Because of this, UK banks 
may be looking further afield 
to book their loans. “UK banks 


would be wise to consider 
whether it would be better to 
book loans at some of their 
overseas subsidiaries, rather 
than in London,” said a tax ex- 
pert at one of the UK clearer* 
(Midland, for example, would 
continue to get tax breaks on 
such loans booked through its 
French subsidiary.) 

Outside the UK institutions, 
there is less concern. UK tax 
breaks do not appear to have 
encouraged many foreign bairns 
to book loans in London, with 
US institutions, for example, 
usually preferring to use New 
York’s international ba nki ng 
facilities to book what modest 
pew business there is around. 


Well prepared 


However some bankers be- 
lieve Mr Lawson now feels that 
London’s position In the finan- 
cial world is so pre-eminent that 
it no longer needs to offer tax 
advantages to attract business. 

Although the banks are pre- 
paring to challenge the detail of 
Mr Lawson's proposals if not 
the whole concept they may not 
make much headway. This is 
the second time that the I n l a nd 
Revenue has tried to plus what 
It sees as an important tax 
loophole, and it has prepared its 
case car efully; one official is 
said to have been working on it 
full time since 1982, when it 
was last tried. In terms of tax 
equity, this may be the correct 
move, but there could still be 
political fall-out if it tu rn s out 
to have a wider impact. 


MAI arranges $100m 
multi-option loan facility 


BY STEPHEN FIDLER 

HAL the UK financial services 
and advertising group, has 
mandated S. G. Warburg to 
arrange a 8100m multiple- 
option facility which will allow 
it to restructure some current 
bank loan arrangements. 

The facility incorporates a 
five-year committed back-stop 
facility and an uncommitted 
tender paneL Under it the 
company will be able to draw 
advances in dollars or any 
freely available currency. 

The back-stop carries a 
facility fee of 7.5 basis points, 
a margin of 15 basis points and 


a utilisation fee of five basis 
points if underwriting banks 
are called on to provide more 
than 30 per cent of the facility. 

McCarthy and Stone, a quoted 
UK company which owns and 
operates retirement and shel- 
tered homes, has signed a 
0.00m multi-option facility to 
provide warfeng capital for 
planned UK expansion over the 
next three years. 

The facility, arranged by 
National Westminster, incorpor- 
ates a £70m committed elements 
from a group of international 
banks. 


Royal Insurance makes its 
debut in Euro-D-Marks 


BY HAIG SMON1AN IN FRANKFURT 


ROYAL INSURANCE, the 
largest UK insurance group, 
has made Its debut in the Euro- 
D-Mark bond market with a 
DM 300m issue, led by Com- 
merzbank. The five-year, 5} 
per cent bond in the name of 
Royal Insurance Finance, is 
priced at par. 

Royal Insurance owns 20 per 
cent of Aachener and Muench- 
eaer. West Germany’s fifth 
largest insurance company 
which Is due to launch a 
DM14J4bn rights issue to help 
finance its purchase of a con- 
trolling interest In Bank fuer 


Gemelnwirtschaft, West Ger- 
many’s 10th largest bank. 

The UK insurer has said it 
will take up its rights, which 
will involve an outlay of about 
DM 268m. It is believed the 
bond, has been issued for this 
purpose. The bond was trading 
very strongly yesterday at 
between less i and less 1- 

Aachener and Muenchener is 
planning to allot DK 44m to 
issue new bearer shares, which 
Royal Insurance intends to take 
up. These shares will be fin- 
anced partly by the proceeds of 
the bond issue and partly from 
internal sources. 


This advertisement compSeswth the requirortentocf ihe Council of The Stock Exchange, 
ft does rtotcon&tiute an offer of,or invitation to the public to subscribe for or purchase, any securities. 


U.S. $150,000,000 



News International pic 

(Incorporated with limited liability in England) 

7V2% Guaranteed Bonds Due 1990 

Unconditionally and irrevocably guaranteed by 

The News Corporation Limited 

(IncorpontiedwithtimitedtitAilitymtiwStateqf South Australia) 

Thefotiovring have agreed to subscribe or procttre subscribers for the Bonds: 

Credit Suisse First Boston Limited 

Deutsche Bank Capital Markets limited Swiss Bank Corporation International Limited 

Banqne Paribas Capital Markets Limited 
Commerzbank Aktieng esellschaft 
EBC Amro Bank Limited 
Union Bank of Switzerland (Securities) Limited 


BanqueNathmale de Paris 
Citicorp Investment Bank limited 


Morgan Grenfell & Co. Limited 


S. G. Warburg Securities 


The issue nice of toe Bonds is 100 per cent, of their principal amount Application has been made to the Council of The Stock 
Exchange for the Bonds to be admitted to the Official List 

Interest will be payable annually in arrear on 10th April of each year, beginning on 10th April, 1988. 

Listing Particulars relating to the Bonds, the Issuer and the Guarantor are available in the statistical service of Extol Financial 
limited and conies maybe obtained during usual business hours up to and including 24th March, 1987 from the Company 
Ann mumqf n en ts OffiaeafThe stock Exchange Mid up to and i ndud ing 3rd April. l9S7£totw 


News International pic, 
P.O. Box 495, 
Virginia Street, 
London £1 9XY 


Credit Suisse First Boston limited, 
22 

London] 


Cawawve & Co., 
12 Tokeuhonse Yard, 
London EC2R7AN 


Manufacturers Hanover limited, 
7 Princes T 
LondonEGZP: 


20th March, 1987 


I talian banks 
nibble at a 
UK market 

By Alan Madman In Mfan 

THE ITALIANS are coming 
... to London's certificate of 
deposit (CD) market that is. 

A series of six CD issues total- 
ling $l50m, is planned for 
some of the smallest and 
moat obscure Italian banks-— 
ln sti t tut tona which nonethe- 
less represent some of the 
more prosperous provinces 
of Northern Italy. 

A CD programme is due to be 
signed today for up to $20m 
for Banca del Monte di 
Parma, Italy's 135 til ranking 
bank 7 which' Is ba^d In toe 
rich agricultural heartland of 
EmQia Bomagna, about 100 
miles south of 

Lfioe other small banks in the 
area, Monte di Parma has no 
foreign branches, but it does 
have total assets of around 
3769m and a cheese ware 
house which stores tens of 
thousands of wheels of 
Pannesaa — good collateral kx 
banking terms. 

Parma is the capital of the 
famous cheese, as well as 
being the centre of a thriving 
prosciutto industry. 

Ihe idea of offering CDs in 
London for such relatively 
tiny Italian institutions, is “to 
bring these small banks to ihe 
international capital markets 
in order to lower their aver- 
age cost of funding,” explains 
Mr Remy Cohen, a director of 
EuromobUiare, the Milan in- 
vestment bank acting 
London dealer on the issue 
along with Samuel Montagu. 

Monte di Parma, with its 15 
branches, may not be Citi- 
bank, Mr Cohen admits, but 
it has solid backing from 
a&ro-industrial cheats in its 
native province. 

The same w£Q be true, be 
claims, for other small 
Italian banks winch Samuel 
Montagu and Euromobiliare 
plan to bring to London, 
These wall ancta.de banks from 
Brescia in Lombardy— where 
the mam businesses are steel 
and egntoeering — Pistoia in 
Tuscany (textiles) and 
Bologna (light industry, car 
co mp o nen ts, ceramics). 

The issue of CDs for these 
small Italian banks is ex- 
pected to save the institutions 
something like & of a point 
against the cost of interbank 
funding. Given the sue of the 
banks, that is a saving worth 
seeking. 

As for the bankers arranging 
the deals, they can always pay 
a visit to their clients In the 
Italian heartland, which 
makes a Pleasant change 
accenting to EuromotriUare'a 
Mr Cohen. 

"At the Banca del Monte di 
Parma," be recalls, “they give 
ieces of cheese insteed of 
tala pens at loan sign- 
ings." 


Stock futures 
trade postponed 
by Osaka 

THE OSAKA Stock Exchange 
has put off indefinitely the start 
of stock futures trading, 
scheduled for April 6, Our 
Tokyo Staff reports. 

Mr Hiroshi Yamauohi, presi- 
dent, said the delay was because 
the Diet will not enact a bill to 
cut the stock exchange tax by 
March 3L 

The exchange had planned to 
launch the stock futures con- 
tracts on April $ in anticipation 
of toe bill being enacted. 


BY GLARE PEARSON 

EUROSTERLING issues were 
still proving popular with lead 
managers in toe Eurobond 
market yesterday, although that 
sector of the market was to a 
consolidating mood after toe 
sharp- galas of recent days. 

The first of yesterday’s issues 
was a £75m 17-year deal for 
MEPC. which came hot on toe 
heels of an issue for another 
UK properly company, Land 
Securities, -an Wednesday. 

MEPG’b issue, however, in- 
corporates a partly-paid feature. 
Hus foature is popular with in- 
vestors because it enables them 
to take advantage of any 
interest rate falls In the near 
term, while they do not have 
to pay the foil amount for toe 
bond for three months. 

The 9f per cent bond was 
priced at 99> per cent (of which 
% per cent is payable in April, 
and the balance in July), to give 
an initial yield net of fees of 
109 basis points over the com- 
parable gat. 

It traded at discounts dose 
to the full foes.- Meanwhile, 
Land Securities’ £LOOm deal fell 
a bid price of less 21 to issue 
price. 

Cheltenham and Gfouceater 
Building Society made its debut 
in toe Eurosterling market with 
a £50m five-year 91 per cent 
deal led by Union Bank of 
Switzerland (Securities). It was 
priced at 101*. 

The terms were set is anti- 
cipation of farther price 


improvements in toe sterbn^ 
market, and toe Issue 
©rally considered aggresave by 
the market yesterday. Never- 
theless. it . was Demg WpportM 
at a discount equivalent to the 
total fees, yesterday. . . 

Baring Brothers meanwhile 
led » £40m 15-year deal for 
DBG, the paper and packaging 
group. The company has been 
rumoured as a possible takeover 
bid target for Buh 4 another 


INTERNATIONAL 

BONOS 


UK paper company. On Wed- 
nesday it had announced pre- 
tar profits for toe past fi nanci al 
year up HOm at £41m. 

Yesterday's issues carries an 
indicated coupon of 6 to W per 
cent. The conversion pr emium 
is indicated at 10 to 15 per cent. 
It traded at 100 -bid, the level 
of its issue, price. 

In a generally quiet Euro- 
dollar market, Nomura Inter- 
national led a 9150m five-year 
deal for Nomura international 
Finance, its UK banking sub- 
si diary. The issue was of deeply 
subordinated debt (although it 
carries an unsubordinated 
guarantee from Nomura Securi- 
ties)' and was designed to boost 
the borrower’s capital base. 

Nomura International syndi- 
cated the deal without any. 
Japanese co-managers, to make 


sure that it woa!d be twSsd 
actively la Eonme. Jtte filter 
cent bond, priced rtmtefcl 
toe day bid at lew litotes® 
price-comfort aitiy ■yrithtn, foes. 
This provided ayieM spsa dtof 
35 • basis potots bvert' l^’. 
Treasury bonds. -r- 

-Merrill Lynch .Capital Markets 
led a cWto.toreMWjasife 
for jEaafomgigcto lamto fcafcfc 
Giroseotnde. 

issue was priced at lOif, Btefc- 
of Tokyo International 36d V 
C$320m seven-year Si per -cCtt 
issue for Bank of ' Tokyo 
“(Curacao) Holdings, priced ® 

10 WestLB led an A#Spm‘ five- 
year 14f per cent issue -tec 
WestXJB Finance, priced -,;*t 

10 Banca Commerciale ■ ItaBriia 
led a LTObn tbree-raar lOf pto 
cent issue for Volvo tito Syediflt 
motor group, pneed at joefc.. 

• in the DM sector, prices.on: 
most outstanding issues rose % 
up to i point, following on from 
yesterday’s - firmer, trend. Good 
demand was seen, parti cularly 
for some IO-year supranational 
issues. ■ ■ -Vi- 

- a. Danish crown. tear 
launched on Wednesday. Vfor; 
Finance for Danish kdiB h y - 
was increased from DKr.SQpm 
to DKr 400m. Tbe'teB-yter- 
issue carries & coupon of £L|-. 
per cent and a price bf l0OJi.lt - ' 
was quoted well within ■ Ihr.i^ 
.total fees discount; around 
one. -iK- 


Japan syndicate widens access 


BY YOKO SHOATA B4 TOKYO 

JAPANNESE SECURITIES 
houses are understood to have 
derided to increase toe share 
foreign brokers have in a 
Syndicate underwriting 10-year 
government bonds. 

Foreign securities companies 
together account for only L19 
per cent — that is 0.07 per cent 
each — of toe government bonds 
u nderw ritten by toe syn dicate's 
securities houses group. 

The 17 foreign securities 
houses’ share will be increased 
to 5.73 per cent, TUs wfil be 
allocated to members 

and six other foreign brokerage 
houses which are joining toe. 
syndicate. At toe same time, 
banks will give a 02 per cent 
share to securities companies. 


The c urrent arrangement for 
government . bonds gives toe 
bank syndicate member 74 per 
cent of the combined under- 
writing of each issue, leaving 
only 26 per cent for the 
securities houses, including toe 
foreign members. 

Foreign securities firms, par- 
ticularly Salomon Brothers and 
Merrill: Lynch, -have been press- 
ing ' • toe -Japanese securities 
houses to raise their share of 
the securities group to at least 
5 per cent 

The Ministry of Finance 
wants local houses to accom- 
modate the foreign members* 
requests, in an attempt to avoid 
friction with, the US. 

However, the securities 


houses are unhappy abcut the 
current arrangement, and an 
sweating toe ministry to ton- 
aider an auction systemfor knoK 
. term government bonds. + 

The US hasbeen urgtogJapea 
to switch to such a system from' 
‘ the underwriting syndicate, foi 
10-year ’ gov e r nm ent bonds. 
These issues aceount for the; 
biggest dice of government debt 
paper. • -•••;>- 

However,- the MW renufins 
reluctant to switch, to anctom / 
fearing that it could Jesd in' 
less stable coupons 
T Iniesponseto US pressure, 
however, the ministry plansjto 
adopt aaanetum system' for six* / 
year., government ; bonds. tofo- 

a i i l m ri n - ■ 


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Knancial ’Rmes Friday March 20 1987 

UK COMPANY NEWS 

dividend cut less than city analysts had feared I Woolworth 

talks with 
Underwoods 
breakdown 



&f & 1 


0° 



33 


■ Brito a, tiie largest UR 
u^epeadent oU ec^Ty, yS 

-jt-ffi.’ksasi: 

■^ZVssitssr* 

: T“* bette»-than-«3cpected nay- 
wt,™ matched wTSSr 
imrat performance than gener- 
forecast, and a positive 

S^to^SctSfSSS^ 

changein accounting policy. 

HnKp SheBoourne, chair. 
fff® S* said 1986 had 

peen.“ a difficult and disappoint- 
in *2?Sf ”fdr the company as 
a. result of the fan tatte on 
pace. 

« toyever. that Briton 

Jw come through It remark. 
^Jy weU," noting that explore, 
tioa and investment tomaior 
' fleets had continued, and that 
the company's fimnww.r 
and balance sheet were strong. 
' . ^"Ovided the recovery In ou 
prices is m ain t aine d, the condi- 
tions wfll be right for substan- 


earnings tumble to £33m 



Sir Philip Shelbourne, {Safe- 

man of Briton 

tially improved performance in 
.1987," he said. 

During 1986 the average price 
receiver per barra of oil fell 
from £21 in 1985 to £10.50, and 
consequently turnover fell by 46 
per cent to £978m, while profit 
before tax dropped to £134m 
from £7 59m. 

The 1986 figures contain an 
exceptional charge of £ 12 m 
which covers the cost the 


heavy redundancies made last 
year in response to the fall in 
the oil price. 

The charge was almost 
exactly balanced by a gain of 
£11 .4m, which was a payment 
made to Brttoil by Scott Hth- 
gow for the late delivery of a 
drilling rig. 

An extraordinary charge of 
£50m was a result of the deci- 
sion to dispose of the company’s 
US assets — these are likely to 
fetch considerably less than 
their book value. 

Britoil said yesterday that the 
accounting changes, which bring 
its conservative accounting 
policies more into line with 
those used by other oil com* 
parties, bed reduced 1986 net 
profits by £47m. 

The changes concern the 
assessment of depreciation and 
other provisions, and the cal- 
culation of Petroleum Revenue 
Tax: As a result; provisions 
were reduced by £60m. and PRT 
increased by £107 m. 

During die year production 
of crude oil declined fraction- 
ally to 66m barrels, while gas 
induction rose from 86bn cu ft 
1985 to 97bn cu ft 
For the first time, BritoQ 
published a new reserves figure 


& 


designed to give a more realis- 
tic picture of the company's 
assets. 

These include volumes of oil 
and gas which can be expected 
to be developed, rather than 
just those for which develop- 
ment approval had already been 
given. . , 

The redefinition adds some 
147m barrels of oil to put the 
total at 603m barrels, and 
2.24&bn cu ft of gas to produce 
total reserves of 3,568bn. 

•’ In 1986 Britoil suffered a cash 
outflow of £267m. This was after 
tax payments of £4 19m and 
capital expenditure of £376m. 

The company increased its 
borrowing facilities during the 
year to $5 50m (£344zn). It said 
that at year-end these were far 
from fully used, and that gear- 
ing was just over 20 per cent. 

last year exploration expendi- 
ture was down from 9156m, to 
$87m in Che North Sea, due in 
part to the need to conserve 
cash. 

Britoil said that there would 
be a further sharp faff In UK 
exploration this year, which 
would be partly offset by a rise 
in exploration overseas. 

See Lex 


Investing in 

Success 

restructures 

_** Investing in Success** 
Equities, the investment trust 
now controlled by Panhda 
Capital, plans a foxurfor-one 
scrip issue and is raising 
£300,000 by the issue of 
warrants. 

Net asset value increased to 
l,012J$p : (703.4p) in the year 
to January 91 1987. Z2S recom- 
mends a final dividend of 4.7Sp 
(4L48p) to make a total of 6.04p 
(5.74p), from earnings of -6£lp 
(6w71p). 

Shareholders win be offered 
one warrant at Sp for every five 
shares held after the scrip 

issue. Each warrant; expiring 
on April 30 1992, gives the 
right to subscribe to one share 
at the NAV on April 38 of this 
year. • 

A5AM-DOOARS Holdings : 
Profits for 1986 £543,130 

(£613,673) pretax. Earnings 

per share 4097p (4592p) and 
dividend 0p (same) net. Extra* 
ordinary debit £68£ffi£ 

(£168,432). 

A. CAIKD A SONS* profit for 
the six months aided December 
31 1988 £118,000 (£12.000) in- 
cluding extraordinary income 
of £108,000. There is no interim 
dividend. 


LWT hits 810p as profits double 


BY ALICE RAW5THORN 

LWT Holdings, which oper- 
ates the weekend television 
franchise in the London area, 
watched its shares soar by 
I08£p to SlOp yesterday on 
tile announcement that pre-tax 
profits doubled from 96.13m to 
£12.7m in the first half. 

The television advertising 
market was extremely buoyant 
in the second half of 1886 and 
LWTs growth outstripped that 
of the ITV network as a whole. 

Whereas network revenue in- 
creased by 18 pe r ce nt in the 
interim period, LWT’s rose by 
28 per cent Revenue growth 
from Channed 4, at 43 per cent, 
was faster than that of 2TV2, at 
28 per cent. 

"We have had as outstand- 
ing first half," said Ur Christo- 
pher Bland, LWT’s chairman. 
“ Oar revenue grew faster than 
that of the other tire 'major* 
stations and we achieved a 
record share of revenue for the 
current franchise period." 

La the six months to January 
25, 1987, turnover rose to 
£07.73m (£73£lm). Exchequer 
levy required £6J9m (£3 .43m) 
and taxation £5.08m <£2£5m). 
Earnings per share rose to 
4SJ35p (18.61p). The board plans 
to pay an interim dividend of 
lOip and a final of 15.2p. 


Page & Moy, the travel busi- 
ness in which LWT has a 70 per 
cent stake, fared well and was 
chiefly responsible for receipts 
from minority interests of 
£233,000 (£302.000). Page & 
Moy should be floated later this 
year. 

Century Hutchinson, the book 
publisher 25 per cent owned by 
LWT, also progressed, benefit- 
log from Kingsley Amis' win- 
Ding the Booker Prrie with The 
Old Devils. 

u The second half has begun 
wen." said Mr Bland. "We 
cannot expect such heady 
growth as in the first half, but 
we are very cheerful about the 
prospects for the year." 

• COMMENT 

The secret of the surge in 
LWT’s profits is simple enough. 
Television companies with 
their hefty overheads and fixed 


costs fare extraordinarily badly 
when revenue falters, and 
extraordinarily well when it 
revives. If revenue races ahead, 
as It has in the last six months 
or so, the contribution to profits 
is disproportionately high. That 
said, even the most optimistic 
analysts were astounded by this 
set of results and forecasts have 
been hastily upgraded to £20m 
for the full year. LWT Is still 
scouting about for acquisition 
opportunities, within television 
both in the UK and overseas. 
Moreover it will pay the price 
for its success next year when 
the growth in share filters 
through to IBA rentals. But 
television has become one of 
the trendler sectors in the last 
year or so and this set of re- 
sults seems set to be the best 
of the batch. Thus a prospec- 
tive p/e of 1L5 seems un- 
demanding. 


BOARD MEETINGS 

TODAY 

Knerrta and Ruourcns 
Corpora don. Zambia Copper Inynat- 

RMKlt 

Floater Entarprin Oil, Gflorga Ins- 
ham. Til Tunas Vannar. 

FUTURE DATES 


UDO Holding* 
Rnata: 

AIV 


Mar 30 
♦Apr 21 


Aah and Lacy - Apr 7 

Bank of Scotland Apr 22 

Brandon and Cloud Hill Lima Apt 3 

Candovar fnvaatmams Mar 24 

Edinburgh Invastniant Trust — Apr 21 

Halsiaad (Jamaa) Mar 30 

Laldlaw Apr 9 

North Midland Construction ... Apr 1 

Rodnraod Mar 24 

Bohan Mar 24 

Wood (Arthur) (longport) .. tMar 24 


L P L C 1 

9 S 

6 K 


w 


' KEY INFORMATION 

1986 

1985 

HNANOAL 



Tbmover 

*978m 

£1800m 

Profit beftMC 
extraordinary item 

&33m 

&253m 

Egtcaopdinaiyitem 

&50m 

— 

Dividend per share 
for year 

8p 

13p 

PRODUCnON 



Crude oil 

(millicujbarrds) 

66 

67 

Gas 

(billioa cubic feet) 

97 

86 


r it h 

o 

i 

i i 

o 

o 

K 


r ^nr^g rn g year for Britofl. No n etheless, the 
company. 

• contiiniede^oratloaaiKiisexteixliogfijrtberits 
interests overseas; 

• maintained investment In magar oil and gas 
projects; 


• has extensive reserves ofofl and gps for future 


fnndded theiecent recovery in oBpricesis 

^ Twmtaine d^tiKCOndittoDswillberil^itfeg^ 

substantially!^ l987 - 




P 1 C 1 c > 8 6 K 1 S l I I S 


By Christopher Parkas 

THE ON-OFF merger talks 
between Wooftroith Holdings 
and Underwoods, the London 
chemists chain, broke down 
yesterday. Neither company 
would comment on the reason 
for the failure, beyond Issuing 
a brief statement on the 
"amicable" end to negotia- 


However, it Is understood 
that Wootwozth’9, the High 
Street and out-of-town retail- 
ing group, refused to pay the 
high price demanded for the 
46-shop chain. 

Talks were interrupted 
earlier this month when a 
leak prompted a rapid rise 
in Underwood’s shares. 
Despite the publicity, the 
news that the chemists’ 
business was “ In play ** 
failed to attract any counter 
bids. 

The Underwoods share 
price tumbled as the news 
earns out, failing 34p to close 
at 216p. Wool worth’s moved 
down 12p to 809p. 

Woolworths is still looking 
for other businesses to graft 
on to its existing mainstream 
operations In variety retail- 
ing, electrical goods and do-it- 
yourself. 

Part of the reason is to use 
space freed by the rationali- 
sation programme which is 
transforming its High Street 
stores. 

It recently bought a s m all 
fhain of ear parts and service 
outlets to build Into its in- 
creasingly specialised retail- 
ing business. 

Marier lifts halfway 

Hazier Estates, the pro- 
perty company at the centre 
of tile London football 
merger row, yesterday re- 
ported that Its interim profits 
for the six months to Sep- 
tember 29 1986 had increased 
sixfold to £474,000 from last 
year's £82,600. 

Since the end of the period, 
Harter has acquired Queen’s 
Park Rangers football clirii 
for a sum which it new says 
was EiSm, That sum was 
paid for an 81 per cent 
interest making the dab's 
total worth {Sim. 

After abandoning Its 
attempt to merge QPK with 
Fulham, Mazier Is now nego- 
tiating to redevelop the 
latter’s Craven Cottage 
ground and sell the and 
players. 

The group has also agreed 
to purchase Shares and loan 
stock In Eeobrle. a demolition . 
and engineering company, in 
a deal worth £Uin which 
will give it a controlling 
interest. 

Property sales of £L57m 
were made in the first half 
and a subsidiary. Interna-- 
tional Business Centres, was 
sold for £L38m to Brever- 
leigh Investments. 

The net asset value at the 
last balance sheet date was 
£4 per dure but the shares 
closed last night at 915p- 


Barratt gathers pace 
with 67% midway rise 


PROFIT RECOVERY continued 
at Barratt jeveJopments, and 
for the six months ended 
December 31 1988 the house- 
building group lifted its pre- 
tax figure by nearly 67 per cent. 

Sir Lawrie Barratt, the chair- 
man, believed that the action 
taken over the last two and a 
half years had reinforced the 
inherent strength of the group. 

From a turnover of £X88 ^dq, 
against £213.7m which was en- 
hanced by US land sales, the 
group made a pre-tax profits of 
£12 .5m, compared with £7.5m, 
after unchanged interest 
charges of £4_2m. Earnings 
were 4.8p (2£p) and the in- 
terim dividend is raised to 2-54p 
(231p). 

Since the peak £50£m of 
1982-83, the group had made 
profits of £35.6m, £4-lm. and 
£25.4m. 


The group’s defat was just 
under £60m, representing a 
gearing of 25 per cent which 
was in lin e with policy. 

The chairman said the UR 
private housebuilding market 
continued to reflect the econo- 
mic "north south divide.” The 
south-east accounted for 40 per 
cent of turnover. 

Completions fell from 3,700 
to 3,300 houses in the period, 
but an increase from £35,000 to 
£42,000 in the average selling 
price meant that revenue from 
that sector was virtually un- 
changed. 

There were delays In bring- 
ing four sites on stream mainly 
because of planning hold-ups: 
but for that it was envisaged 
that a further 500 homes would 
have been built. 

Sir Lawrie said the changing 
emphasis of the product mix 


towards the second-time and 
subsequent purchaser con- 
tinued. In the first half sales 
to first-time buyers were 40 
per cent and by the end of the 
year that should be further 

reduced to 30 per cent. 

Half of the group’s work was 
for Inner City refurbishment 
in conjunction with local auth- 
orities and housing associations. 

Turning to the American 
operation, Sir Lawrie said pro- 
fitability continued to improve 
and good demand was being 
experienced. New developments 
would contribute to the second 
half. 

Profit for the period came to 
£l^m and was entirely attri- 
butable to house sales, whereas 
the comparative six months 
produced £800.000 which was 
mainly the result of land sales. 

See Lex 


Local London bids £40m 
for Standard Securities 


Local London Group, the 
property developer which came 
to the Unlisted Securities Mar- 
ket last September, is to double 
its size through a £40m recom- 
mended bid for main market 
property investment company. 
Standard Securities. 

The bid, 48 shares in Local 
London for every 100 Standard, 
has irrevocable acceptances 
from directors, family trusts 
and one major shareholder, 
Intca Internationale Credit 
Ansalt, in respect of 48.3 per 
cent of Standard shares. 

Norwich Union, which owns 
a further 15.6 per cent, has also 
indicated that it will accept. 

There is a cash alternative of 
25 Op, underwritten by Samuel 
Montagu. 

Yesterday, Local London 
shares shed 50p to 570p, valuing 


each Standard at 273p under the 
paper terms, and the entire 
group — including convertible 
shares and options — at £40J2m. 
Standard rose 13p to 253p, 

The Local London offer 
follows previous discussions 
between Standard and an un- 
disclosed Antipodean company, 
which finally proved abortive 
last January. 

That, according to Standard’s 
chairman, Mr Gerald Leigh, 
“ led to a lot of interest " and 
"the value of the Local London 
offer is such that directors felt 
that it should be accepted.” 

At the end of September, 
Standard's property portfolio 
was valued at around £S9m and 
net tangible assets per share 
were put at 216p. It made pre- 
tax profits of £ 1.87m in 1985-86. 


DIVIDENDS ANNOUNCED 

Aasam-Dooais 

Barratt int 

Britoil 

Church 

T. Clarke L99 

Consultants Computer 
Delaney Group ......... 

Glentree 

GR Holdings) int 

S. ILGent int 

House of Lerotse 

HTV int 

BTCO -int 

Investing Success — 

Interlink Express ...int 

Legal General 6-5 

LWT (Holdings) ...int 
McLaughlin Harvey ... 

Moorgate Group ...... 1.83 

Octopus Publishing 
Pleastxrazna ........ 

Refuge Group ......... 10.71T 

Schroder* 10.S*. 

Spoug Holdings ...int 0.3 

Stoddake int 3 

Superdrug 3.5 — 3 

Town Centre Secs ..int 0.4 — 0.4 

Walter Duncan 20 — 15 20 

Western Dooare ...... 6 Apr 28 6 6 

Williams Hlds 9 June» 8 14 

W. Yorks Hos int tL5 Julyl 1.5 


9 

Apr 28 

9 

9 

9 

2.54 

May 29 

221 

— 

8.12 

6 

_ 

9 

8 

13 

7 

May 11 

6 

9JS 

8JS 

U99 


1.61 

2.7 

2.31 

*L3 

May 29 

0.55 

2 

0.75 

1.8 

May 4 

1A 

2.7 

2.4 




0.3 


1.6 

May 7 

1.6 

— - 

7 

0^55 

May 11 

0.5 

— 

0.5 

6.4 

June 8 

5.4 

9.4 

8.4 

32 

— 

2.8 



8^ 

tl 

Apr 28 

1 

— 

1.5 

4.78 

Apr 29 

4.48 

6.04 

5.74 

t23S 

Apr 24 

— 

— 

— 

6.5 

_ 

5.33 s 

9.75 

8.17* 

10J 

_ _ 

5A9 

— 

1805 

5 

May 21 

5 

7 

7 

1.83 

end May 1.4 

L83 

L4 

7.09 

- May 29- 

4.59- 

-9.79- 

6.75 

7.75 

— ■ 

5.75 

9.75 

72 


May 11. 9.25'. 
~''7.75-, 


15.75 13.75 
13.5 10.75*' 


Apr30 — — — 


— 3 — 

5.8 


12 

5 

1.1 

15 

6 
8 
4 


Dividends shown pence per share net except where otherwise 
stated. * Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. tUSH stock. 
9 Unquoted stock 


Lonrho to press 
for new Fraser 
takeover inquiry 

Lontbo shareholders were 
told yesterday that the group 
will continue to press for a 
fresh investigation into the 
1985 takeover of the House of 
Fraser by the A1 Fayed 
brothers. 

On Wednesday a High Court 
judge refused permission for a 
judicial review of the failure so 
far of Mr Paul Channou. Trade 
and Industry Secretary, to 
decide whether to refer the 
takeover to the Monopolies and 
Mergers Commission. 

But Sir Edward du Cann, 
chairman, told the group's AGM 
that this did not mean the end 
of the matter. 

** We are invited by the 
courts to apply for judicial 
review if there are further un- 
reasonable delays; and this we 
shaH do," said Sir Edward. 

In 1981 Lonrho was stopped 
by the Monopolies and Mergers 
Commission from bidding for 
House of Fraser. Four years 
later the group was cleared to 
make a bid but it came three 
days after the Fraser board bad 
recommended acceptance of a 
bid from the A1 Fayed brothers. 

To applause from Lonrho 
shareholders who filled the 
Great Hall at the Grosvenor 
House hotel in Park Lane. 
Lone, London, Sir Edward 
said: “ Sooner or later the whole 
truth about this matter will 
have to come out I have no 
doubt that this decision against 
us in 1985 will in the end haunt 
those who made it. and were 
so wrong to do so.” 

At the meeting, the motion 
to receive the directors* report 
and accounts for the year to 
September 1986 went to a card 
vote after three diareholders 
said questions they had asked 
about the accounts had not been 
properly answered. 

Mr Paul Spicer, a director of 
Lonrho, said last night that a 
Mr Robin Potts had asked for 
the poll. He represented 
10,000 shares held by Midland 
nominees which had been 
brought before the meeting by 
House of Fraser. 


NOTICE OF EARLY REDEMPTION 



European Economic Community 
US$65,000,000 14% per cent Bonds due April 20, 1993 
(principal amount outsta nd i n g is US$55,750,000) 

NOTICE IS HEREBY GIVEN that in accordance with clause 4(b) of 
■ me Tenns and Conditions of the Bonds, the EEC win redeem ail of the 
outstanding Bonds at a redemption price of 10214% of the principal 
amount on the next Interest Payment Date being 20th April, 1987 , when 
interest on the Bonds win cease to accrue. Repayment of principal will 
be made upon presentation of the Bonds with afl unma cured coupons 
attached, at the offices of any one of the Paying Agents listed below. 

PAYING AGENTS: 

BaafcmTrut Company Bankers Trust Cwapany 

Dashwood House Corporate Trust and Agency Groop 

69 Old Broad Street Four Albany Sow* 

London EC2P2EE New York NY 10015 


BanqnelndosnczBelgkiae 

modes Colonies 40 
1000 Brussels 


Banqwfclpdosu fTLem i ilw B r g 

39 Altee Scheffer 
Luxembourg 


Bankers Tract AXL 
Dnakoeoigstrassed 
Cb-8022 Zorich 

Accrued interest doe 20th April, 1987, will be paid in the normal 
m anne r against presentation of Coupon No. 6 , on or after 20th April, 
1987. 


a Bankers Trust 
Company, London 
20th March, 1987 


Agent Bank 


NOTICE TO LOMBARD DEPOSITORS 


The following interest rates will apply from 1st February 1987 

RHMtor'MpottMMtniod I (tetMtodmoaflonentMed f areas eatrtnUamloa 
toracetaBreutirtMaat | to fceWa nat nmnwt | baric rate tax payar 


14 DAYS NOTICE 


MWmumlnftm 

daponeuno 


When tho balance is £5000 and above 

9*373; | 7-OOi | 9*855 

When the batanca to below £5.000 

7-37Z | 5-51S | 7-76S 

I CHEQUE SAVINGS ACCOUm-S 


fepOMBl'QOO 


800 

6 ' 00 £ 


Wimi the balance is £5000 and above 

2 | 5*983; I 8-42S 

Whan tfw balance is £1.000 up to £4999 

* , 4*48 » I 6*305 


interest htawftid on each pubtohed rate chtitfla, wd not law than hstfyeaity. 


LOMBARD 

DEPOSIT 
ACCOUNTS 

»--• Lorntwia Noon Cenira! PLC 



PRELIMINARY RESULTS 

52 weeks to 28th February 1987 

Turnover (excluding VAT) 

1987 

£'000 

202,912 

1986 

£'000 

164,289 

Trading Profit 

12,917 

10,253 

Net Interest (PayableJ/Receivable 

(659) 

102 

Net Profit before tree 

12.258 

10,355 

Taxation 

4,823 

3,845 

Net Profit aftertax 

7,435 

6,510 

Final Dividends 

2.035 

1,752 

Earnings per Share 

2l.l9p 

18.58p 

• Turnover increased by 23. 51% 

• Trading Profit increased by 25.98% 


• Proposed final dividend of 3.5p (Interim 2.3p) 
Total for year 5.8p (1986— 5.0p) 

• Own label products 34% of turnover 

• 43 new branches opened 

• Productivity gains from Northern Regional 
Distribution Centre 


In a year which has seen Intensive competition In the 
High Street nre are pleased to report a trading profit 
increase of 26%. This is an excellent performance, 
especially when considering that the Northern 
Regional Distribution Centre is still operating at less 
than half capacity but is already producing productivity 
gains for the whole company. In the early part of the 
financial year we will pass the 300 store landmark and 
the company Is well based to continue our expansion 
programme with over 50 new stores planned to open In 
the coming year. 






r 












UK COMPANY NEWS 



Fast-expanding Williams 
hoists profits to £23m 


fore dosuze dthe meeting 
ol the meeting. 

Shareholders 1 Rights 

Shareholders and usufructuraries with voting rights who wish to 
attend tbe meeting have » deposit tbeir shares or deposit receipts 
from an mstftutioa as defined in Article 31, Par. Z of the Articles of 
Association on or before 3rd ApriL at the office of foe Company; 

23 Nassaolaan. The Hague, or at the offices or Pierson, Heionng & 
Pierson N.V, Algemane Bank Nederland N.V., CoepeofoevaCerfoale 


me Hague, noneraam emu r* ~rr^r ; 

or at the of Morgan Grenfell & Co. Limned, 72 London Wall. 
London EC2M 5NL. where acangements may also be made for 
voting by proxy. 


Annual Report 1986 

Copies of tbe Annual Report (in E ngl is h ) may be Obtained in foe 
United Kingdom from Morgan GranfeD & Co. Limited, New Issue 
Department 72 London Wall. London EC2M 5NL or from Hoars 
Govett T.iminMi. Heron House, 310/325 High Holbom, London 
WC1 7PB on or after 20fo March, 1S0I. 

By order of the Supervisory Board 

The Hague, 

20fo March, 1987 


U.S. $40,000,000 

Industrias Resistol, S. A. 

(Incorporated in the United Mexican Sates) 

floating Rate Notes Dae 1988 

In accordance with the provisions of the Fiscal Agency 
Agreement between Industrias Resistol, S.A. and Conti- 
nental Illinois National Bank and Trust Company of 
Chicago, dated as of 8th September, 1981 notice is hereby 
given that the Rate of Interest for the next six month 
Interest Period has been fixed at 9% p.a. and that tbe 
Interest payable on the relevant Interest Payment Date, 
21st September, 2987 against Coupon No. 13 in respect of 
U.S. $50,000 nominal amount of the Notes will be 
U.S. $2325.00 and in respect of U.S. $5,000 nominal 
amount of the Notes will be U.S. $232.50. 


BY CLAY HARRIS 

Williams Holdings more than 
trebled pre-tax profits from 
£6 An to £22 An in 1966, a year 
in which it continued to add 
to its dfrerslfled industrial port* 
folio. Earnings per share 
doubled to 45p (22.4p). 

The company tried to dampen 
Speculation, meanwhile, that it 
was about to launch a hostile 
takeover bid for Norcrog, the 
packaging and bonding pro- 
ducts gro up . 

Williams 1 22 per cent stake 
in Noreroa was unchanged, 
according to Ur Brian 
McGowan, managing director. 
“We have a number of invest- 
ments in listed companies and 
we shall be keeping to our 
policy of not commenting on 
them,** he said yesterday. 

Turnover more than doubled 
to £206.1m (£100.9m) last year 
as Williams bought Fairey 
Engineering, Duport and 
London and Midland Industrials 
for a total cost of £160m. 

Consumer and building 
products account at present tor 
40 per cent of Williams’ profits, 
with 26 per cent from specialist 
engineering, 14 per cent each 
from aerospace and the US and 
6 per cent from vehicle 
distribution. 

“ AH these businesses are 
cash-positive, some spectacu- 
larly so," said Mr Nigel Rudd, 
phairn m n , W illiams * net 
borrowing was film at year* 
end, and it is on course to be 
in a net cash position before the 
end of the first half. 


RESULTS BY ACTIVITY 


Conmmer/fwndmg products 
Specialist engineering 
Aerospacc/industrial 

Yehkte distribution 
North America 
BustacsMS sold 
Tote) 


Williams was well placed to 
take advantage of the buoyant 
consumer products market, said 
Mr Roger Carr, director 
responsible for US operations 
and post-aajjuisiticm manage- 
ment. It also plans to acquire 
additional specialist engineer- 
ing businesses to put into 
Fairey. 

So far this year, Williams has 
combined the garage, conserva- 
tory and greenhouse activities 
of Banbury and Compton, both 
acquired with LML It Js adding 
new Forsche/Rolls-Roycc, Saab 
and Maserati franchises to its 
chain of low-volume, high- 
margin dealerships. 

In November, Williams soH 
21 subsidiaries, some of which 
were beginning to show losses. 
M The demands these businesses 
made on central management 
was out of all proportion to the 
contribution they could make to 
the group,” Ur McGowan said. 

An extraordinary charge of 
£4JB7m (£53,000 credit) re- 
flected the resulting write-down 


Turnover (£m) 

Trading profit (£m) 

1984 

1985 

1986 

1W» 

534 


85 ' 

•mm 

S0.0 

135 

73 

13 

33.9 

215 

43 

23 

46.1 

393 

2 A 

13 

13 J 

73 

■ U 

05 

85 

183 

- (03) 

13 

SOU 

1005 

■ 22.1 

63 


of the assets sold. 

Also sold was Andover, a US 
protective clothing maker, 
bought as part of URL The 
Schnitzel distribution group, 
also In the US, was making “an 
acceptable but hot exciting re- 
turn,” after ' cost-reduction 
measures, according to Mr Carr. 

“The rest of the businesses 
were, and are, extremely sound 
and profitable,” he said. Wil- 
liams has created a North 
American division, run by an 
operations director based in 
Boston. 

After net interest costs of 
£1.07m (£588,000), tax of 

£4.7m (£L6m) and minorities 
of £121.000 (£46,000), attribut- 
able profit rose to £18. 1m 
(£4.7m). A Op final dividend 
will make a total of 14p, 
against a single final payment 
of 8p for 1985. 

Williams shares added lOp to 
7S8p, giving the company a 
market value of £347m. 

See Lex 


Expanding Rexmore raises £2m 




Agent Bank 

state Capital Markets Limited 

20th March 1987 


Rexmore, Liverpool-based 

fabrics supplier, is raising 
£2.1m net by an offer to share- 
holders and a conditional 

placing of 4.44m new ordinary 
shares at 51p each. 

The shares have been con- 
ditionally placed with institu- 
tions. but under the terms of 
an offer to be made by 

Charterhouse Bank, share- 

holders will have the right to 
subscribe for all of the shares. 

The money raised will 
help Rexmore increase its 
growing investment in 
specialist areas of the timber 
trade and textile distribution. 
Both of these areas have 
produced significant increases 
in turnover and profits this 
year and further progress is 


New Issue 


This advertisement appears as a matter of record only 


confidently expected. 

Last November, Rexmore 
reported interim profits up 27 
per cent to £398.000. This 
Improvement has been sus- 
tained and the company is 
forecasting a full year figure 
to the end of March of not less 
than £750,000 (£604,000). 

Extraordinary charges total- 
ling some £230,000 are also 
forecast for the year, these 
being in respect of losses aris- 
ing from discontinued activi- 
ties. Over the past few years, 
Rexmore has completed its 
policy of disposing of its major 
manufacturing operations and 
transferring its resources into 
further distribution and retail 
business where it is felt there 
are greater growth prospects. 


March 20,1987 


However, pending any invest- 
ment, funds raised will assist 
in reducing borrowings in the 
short term. 

The company said yesterday 
that it was continually looking 
for opportunities to acquire 
businesses. 

Undertakings have been 
received from certain directors 
and members of the Rosenblatt 
family that the right to parti- 
cipate in the offer will not be 
exercised in respect of 22.8 per 
cent of the ordinary and 1-3 per 
cent of the preference shares. 

Shareholders will be offered 
tiie new shares on the basis of 
a maximum of one new ordinary 
for every %ree ordinary held 
and up to 33.3 new ordinary 
shares for every £3 nominal of 
13 per cent convertible cumula- 
tive. preference, scares. Frac- 
tional .'‘enttSements win be 
ignored.-- - v --••• 

•Closing-date Jibe acceptances 
is li am -an April 13. • 


Superdrug 
advances 
18 % to 
over £12m 

AGAINST A background ef 
intensive competition in the 
High Street, Superdrug 
Stores, operator of rotau 
drugstores, lifted pre-tax 
profits by 18 per cent from 
fl0-36m to £123Gm in the 
year to February 28 1987. The 
fourth quarter result showed 
a 29 per cent jump to J&Sftm. 

Turnover increased by 
23.5 per cent from £16429m 
to £2023 lm, excluding VAT. 
New stores produced a 
14$ per cent 0525 per cent) 

growth in turnover, wfafle 
existing stores accounted for 
95 per cent (8 per cent). Own 

. label products accounted, for 
34 per cent of sales. 

The company pointed out 
that the Northern Regional 
Distribution Centre was scffl 
operating at leas than half 
capacity, text was already pro- 
ducing productivity gains for 
flie whole company. 

In tbe early part of the 
current year, Superdrug will 
pass the 380 store landmark 
a^ >i the company said It was 
well placed to continu e te 
expansion programme with 
over 50 new stores planned to 
open In (he coming year. 

Stated earnings per 10p 
share tor 1986-87 were 2L19p 
(1838p) arid tbe final divi- 
dend Is 3Jp net for a total 
up from 5 p to 5L8p. 

Net attributable profits 
came out ahead at £7d44m, 
a going £6 Jim, after net 
interest payable of £659,900 
(£102.008 receivable) and tax 
of £±82m (£335m). Divi- 
dends absorb £234m 
(£1.7 5m). 

• comment 

Boots is making Rfo tough 
for the High Street drug 
stores and its competit i vene ss 
has led to 0.5 per cent fall in 
prices. Analysts are coovineed 
that this pressure will lead to 
one of Boots* competitors 
failing by tbe wayside or 
being taken over. However, 
the City is equally convinced 
that this will not be Super- 
drng. its existing stores are 
showing 9-5 per . cent growth, 
dotfide some competitors’ 
levels, and the increased 
trading margins now flowing 
through from the new 
northern distribution centre 
appear to ensure a continua- 
tion of the circa 30 per cent 
rising trend. This year 
Superdrug is likely to foil 
Just a bit short of £16m and 
tbe shares at 49V aw ending 
on a prospective p/e of 

*%Ru0afl£ A-lprentitfet-te the 

-sector. of obmIzHk appears 
overdone and id this level foe. 
upstde looks limited. 



Great Portland buys half 
interest in Bride Hall 

BY PAUL CHEESERIGHT, PROPERTY CORRESPONDENT 



Bayemhypo Finance N.V. 

Amsterdam, The Netherlands 

AS $ 50,000,000 

14%% Australian Dollar Bearer Bonds of 1987/1992 

unconditioitaBy and Irrevocably guaranteed by 

Hfpobank International 

Soctett Anonyms, Luxembourg 

Issue Price: 101%% 


Interest: 14/a% p.a, payable annually on March 20 


Redemption: March 20. 1992, at par 


Listing: Luxembourg Stock Exchange 


Bayerische Hypotheken- und Wbchsel-Bank 

Ak&engefleflschaft 

Hambros Bank Limited Citicorp Investment Bank Limited 


ANZ Merchant Bank Limited BankAmerica Capital Markets Group 

Bayerische LaiKies b»ik Inter national SA, Bayerische VerebistMHikAMimgese&schaft 

Luxembourg 

Credit Lyonnais DresdnerBaititAktiengeseflschaft 

DSL Bank Genosse nscha ftBcheZantralbankAG 

Deutsche Siedlungs- und Landesrentenbank Vienna 

CtoMman Sachs In l ema tkx iri Coip. McCaughan Dyson ftCoiLimHad 

ktorgan Stanley International The ffikko Securities Co, (Europe) Ltd. 

Noitideutscte Landed^ Rabobank Nederland 

lYinkaus & Burkhardt KGaA W testta len b ank/UdiwigeseBschalt 

Wood Gundy Inc. 


MR DANNY DESMOND has 
sold half the equity in his 
young but fast-growing pro- 
perty development company, 
Bride Hall, to Great Portland 
Estates. 

He is receiving Great Port- 
land paper worth £10-2m at the 
market price just before the 
deal was announced yesterday. 

Great Portland is issuing 
4.46m shares to make the 
purchase. 

On Wednesday its shares 
closed at 229p - and after the 
announcement gained ground 
to 233p. 

Bride Hall was set up in 1983 
and since then has accumulated 
a £300m development pro- 
gramme, which is wider in 
geographical scope than Great 
Portland's own programme and 
includes major business parks. 

Mr Desmond owned 100 per 
cent of the Bride Hall equity. 


although some executives have 
share options. 

The deal between the two 
companies has been struck 
amiably as a balance of advan- 
tages. Bride Hall obtains a 
stronger asset base. 

M It will give ns a far stronger 
platform,” said Mr Desmond. 
Hitberto Bride Hall develop- 
ments have had to be, as he 
put it, “ pretty much blue blood 
so that the institutions pay 
up-front" 

Mr Desmond will be joining 
the Great Portland board, and 
Hr Richard Peskin, the Great 
Portland chairman, will join tbe 
Bride Hall board. 

Bride Hall is anticipating £2m 
profits in tbe current year. 
Groat Portland had protax 
profits of £10.4xn in the half- 
year to last September against 
£8.7m previously. 




(Manufacturers and retailers of quality shoes) 

^Profits exceed 
expectations due to strong 
retail pick-up 99 

reports Ian B Church, Chairman 

• Turnover rose 6% following a marked 
improvement in the second half. 

• Pretax profits at £509 million were up 16% and a 
final dividend of 7.0p makes a total of 9£p — an 
increase of 12%. 

• Retailing profits in the UK rose 27% to 

£1.48 million following excellent safes in the last 
quarter. 

• Manufacturing activity further improved last 
year's excellent results. 

• Overseas trading in France, Belgium and 
Canada continued to be good and in the USA 
our results showed improvement. 

• First class retail sales continue in 1987 and we 
look forward to another good year. 



Pefnrf and BCcwntswS be posted lo shaieho/dors on 10th Apti 13S7. 
Church 6.03. PIXX.3L James, Northampton W&SJB. 


jlnandal Times Friday March. 20 1887 


Non-casino side 
helps Pleasurama 


A 13 PER CENT increase to 
£4£j3m la protax profit for 
1 1988 Is announce d by Ptea*ux> 
mna ) -which operate* In the 
leisure industry. Shareholders 
get ft dividend rise of 30 per 
cent and. ft onefor-ona scrip 
Issue. 

Group turnover rose 20 per 
cent, from JEtflOm to £ 19 2 n i, 
white the trading profit was 
almost static at £30 Jm 
(£38.4m). However, a film In- 
crease to £42m in interest re- 
ceived and other . .income, 
backed op by a cat in interest 
charges to £L2m . ,(£48m) v 
more t^ gtl ofitet a reduction in 
associates’ contribution to 
£200,000 (£L7m) following the 
sale of those interests. 

Earnings for the year grew 
from 2S.3p to SLlp, and the 
final dividend is 7.75p for a 
9.75p set total <7J5p). 

The directors reported that 
the established casino interests 
performed creditably in a 
somewhat difficult year. Bat 
they considered the outstanding 
feature to be the rtrong 
advance, both absolutely and 
relatively, In the non-casino 
operations which .were becom- 
ing an increasingly important 
contributor to trading profit ; 

They saw tiiat trend con- 
tinuing in naming years. Their 
objective was to ?. ensure -that 
the company was the best 
balanced and most profitable 
leisure group based- is the UK. 

Apart from casinos and 
amusement ' machines, the 
group runs coach based holi- 
days, hotels, leisure parks and 
discos. 

• comment 

The rooette wheel spun less 
than kindly last year for Plea- 
sures!*. Terrorist scares dis- 
couraged the high rollers from 
the London casinos: foe chair- 
man and chief executive left 


-just after the year end in 1 * row 
about acquisition policy. Si the 
end, the Increase ia^jre-taxpro- 
fits owed much to the turn round 
in foe' Interest position. 
■Although the new managing 
director Warren TUddenhton is 
keen to emphasise his urge “to 
expand lire non-casino business, 
the -return of foe hi? spenders 
should caixfo London dseiao 
profits to recover foe 1540 per 
cent drop they goffered -in ?U8B. 
But. foe grow® hopes for foe 
future lie in the potential, syn- 
ergies between .foe expanding 
leisure * interests^amasement 
machines that can' go in fun 
pub*- coach holidays that -.can 
stop' at foe recently -acquired 
Norscot Hotels. Thisyear, with 
the help of morp- hotel. Requisi- 
tions^ foe pre-tax .profits should 

Mt £51m' patting foe shares st 
-376p. up Bp,.. on a prospective 
p/eof lfc '• 

; % Ywb Hospital' 
profit iip, 21 % 

\ In foe half-jear io DCcetnber 
Slsiim the - Bradford-based 
West Yorkshire Independent 
Hospital lifted pre-tax.-profit 
by- .nearly 21 per cent' from 
£281,000 fo £315.000. Revenue 
rose by 22_per cent to £LBm. 

.Bay patients increased. hjt'27 
per cent and. foie, .number, 'of 
in-patients grew by 7 per cent. 
The average occupancy rate was 
7l_7 per cent compared with 
67.7. -per cent last time. That 
high occupancy level (the key 
to probability) augured well 
for the ftxture, said 1 Si. Trevor 
Lewis, , chairman.. 

Overall progress, he - raid, 
encouraged ; projects '-for 
another highly sati&actoxy year. 

• The interim dividend declared 
by this .US-quoted company is 
held«tl-5p net For- the- year 
ended .June 30 1966 foe/total 
was 4p from profit of £611)000. 


Mezzanine Capital Corporation 
limited 


Notice to the hobta at the tufly paid Bmr Depaatoay 


rutnnn n a Btaaaa nMIHl 1 fiml iiiirti fmiaiaQ lit — UnMifc w y 
CwftMCoipaiaaioaUDrtM(toa H CDm|ieay n ) ' .• v-..-- 

Notice of DfWdend ' . . 

and Capital Repayment f 

NOTICE S HEROY OMEN to the hbkfera of the BOftetbrt Ae V- 
CorperaBon has dadwad an interim dvktond for- the financial year :■ 
ended 3tst May; 1987 ol USS0 l 4471 per ahem: The BOFte ■a> 9 v - 
denomi na ted in mdUpfse of unto ("UStoT- Bfrit Utt cWmOy 
compri — a 86 Stiaraa The dMdand ta, ih ewto a. aqutoftsat -to. -*-• 
US$3845 par Unit. . . - . . 

- ThaCoqxaWion.^* also given naiicefixat it Manto to redeanion . 
agaregatortSpeeyOOO Shams eta pricoofUSSt1.l2S£par«hamTMs ' 
Ml bivoiva the radempflon of 31 aum In raepeef o( each UrAftnd 
lttocapitelmpBvmor«teaquiMOterttaafiirtharUS83450aperU^L 

by eocb 3DRwS iwnainur^ngiKt^ 

•Pi^wiaril fif this tilvtSOTf wkfbffiia capBai i pp a ytoert wfli be 
made, sufaiect to imript thereof by M a nut act ur are Hanower Bank - 
(OiantMyltJmtodffoeOepasjtvY*), aqatost surrender of tocoma. 
Cotton P*i 6 (INC Na Q and Redemption Coupon Na 6 (ROD Na 6) J; 
mspectival^ at tbe specified office of the OaposSaY ore# any ol the . - 
Paying Agents (set oat on the reverse oftheBOBaandtetheioot of this 
Ncrica), atanjrtbna on or after 258i Mavrin w. • 

PBvmentwB, m each cbssl be made, sut^oct to any tews andfor - . 
regulattano appfcabte thereto bydoHar cheque chwm upon, oratfire... 
option of the hoidar ef fire relevant CDopoR, by treoshr to a dotor >- ■ 
account mrintahid by the payee with, a Bank ki New ark Clyi 
Coitos of tfw Corporation's Iraerim Report may ateo be ob W ned 
Oom the Ztopostoey and Pwfng^psrtoaDftSfiiMnch 18 &. 

. - Depoetey and Prtocipel P^fcig Ageift 

Manufacture/a HanoverBonk (Guernsey) UmJted, *“ 

Manutacturere HonoverHwse; Le'ftuchot, 

SLFtowRsrt, Guernsey' Channel telands . 

Paying Sgente 

Manotaoturem Henomr Dust Company 
BoOtanhalmer Landsbssea SIWS; 

D 6000 Frankfurt-anvMaln 1, Wost Germany 
Manufacturers Hanover Trust Company 
Shefribweo 33f34th Storey, 

50 Raffles Place, StogeporeOKW 
ManufactweraHEffwver Tina Company 
7 Princes Street, London EC2P 2LR 
Mamdacturers Hanover Batik Luxembourg SLA- 
. SfiBortewarriPdnoaHsnd, 

Luxembourg, Grand Duchy of LiMenfeoutg 
Manu to ctrmra HmoWBust Company, 

BAibu^hTbww; 43rd Roar; . 

Queens Road, CerWEd, Kong Kong " 

Manitooturere Hanover Trust Compan* - 
aoefcarstrasBo 33» 80Z7 Zurich, Surtoarlwid 
Morgan Guaranty That Company of NewWxfc. 

14 Place VBndBmq 75001 Paris, Bwice 

gFJerftrtQiien^ by: Manufacturer* Hanovar 

Mad 18th March, 1907' Bank (Guernsey) United 


I rs. r nr< 





Offer for subscription of up to 750iXKI 
Onfinary Shares at £1 each to raise £750000 
Sponsored fay, BELMONT SECURITIES PLC 

RAREOPFORIUNTTYTOINVESriNTlW/ELASB^SBClDR ' 

WTTHTHEBENHTTOFTAXFDELIEF. 


QTOUPP!^faranop8ofrtotateupa«sui tah^ 

r^tj^agrocys^Maconcosskxiairew^KwikSao 

stores. PLC haw some 500 stores in the UK. 

subscTBMtorawwftrBs. - 


^ ^^^ curi ^ n jC ’ nor1h Chautoers, 
SfatkjnSqtare, Harrogate HG1 1ST 


Address, 


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Haa «ctaX Times Maej-'Merdi 20 lWr 

UK COMPANY NEWS 


Reshaped Schroders lifts 
profits by 29% to £21m 


„'. W HUGO DOCON 

.^MMrssyaas 

ceat «nwli in 

g^ygfitofotAeyea.to 

The £21m in after-tax profits 

■=SSa«£« 

xJ?* 1 !?**’ **» 8«> U P sold its 
r n aasuraj3Ce business and 
to*® 1 its stake in 

-• Its warmer US commercial bank- 
K J- Henry Schro- 

der Bank ana Trust. At the 
same time, it tmilt up a sman 
eqnt^ operation in London and 
"®“S“,a 50 cent stak in 
w erthaim; the medium-sized 
wall Street investment bank. 


After these transactions, the 
group still had about £70m of 
capital which was not com- 
mitted to a particular business. 
Schroders said this would be 
used mainly to broaden its 
securities operations worldwide. 

Abont £6m, excluding iuvast- 
me&t in new technology had 
been invested in the London 
equity operation. This was 
charged against profits rather 
than capitalised. 

In addition, these had been 
trading losses of almost 
£100,000 since last year’s Big 
Bang deregulation of equity 
markets on equity market 
making . Schroder’s chief ex ecu 
tfve, Mr Win Bischoff, described 
this loss as relatively «*»»« 

Earnings from corporate 
finance had tripled last year. 


Mr Bisehofl said, although he 
refused to disclose exact figures. 

One of the most lucrative of 
these was its successful defence 
of Standard Chartered, which 
recently called in the Bank of 
England to check that its hand- 
ling of Lloyds Bank's bid had 
been proper. Mr Biacheff stud 
he was not embarrassed by the 
Standard Chartered association 
and hoped Schroders would be 
chosen to defend Standard again 
if needed. 

Earnings from investment 
management were also said to 
be buoyant; though again no 
figures were given. 

A final dividend of 10.5p 
makes a total of 13.5p, up 25.6 
per cent. 

Schroders’ shares dosed up 
15p at 8S5p. 


Coloroll may 
bid for Crown 
House division 

. Coloroll, the wall coverings 
- and home furnishings group, is 
trying, to relieve Crown Boose 
of its loss-making tableware 
division. It has built up a 4.7 
per cent stake in the engineer- 
ing services group and does not 
exclude a full bid if that turns 
out to be the only way to get 
the tableware activities. 

Crown House, advised by 
Schroders, was last night con- 
sidering its response to 
OolorolPs approach. It was 
suggested last night that Crown 
House might expect to receive 
. £20m for the cB vision. Its pro- 
ducts include Denby stoneware. 
Edinburgh and Thomas Webb 
oystal, Dema glass and George 
Butler silverware. 

The tableware division lost 
£041,000 in the six months to 
September SO, pulling Crown 
House's pre-tax profits down to 
£063,000 (£L6Sm). Its results 
were hit by the drop in US 
tourism and- an inflow of inex- 
pensive imports given away by 
petrol companies. 

Taking this year’s expected 
loss into account, the division 
has shown average profits of 
about £lJ5m over the last five 
years. Crown House shares lost 
lOp to 235p. giving it a market 
value of about £6Sm. Coloroll 
was Bp lower at 310p. 

STOCKLAKE BDGS~ Interim 
3p (same). Turnover £12 .04m 
(£11.6&m) for six months to 
September 30, 1088. Group pro- 
fit before "(d^ThO^: 1 


L & G makes £62m despite 
paying exceptional bonus 


BY NICK BUNKER 

Legal Be General, the UK’s 
second biggest life assurance 
group, reported pre-tax profits 
of £61 An yesterday, a little 
more than a week after declar- 
ing a special life fund, bonus 
which gave shareholders £21.4m. 

Mr Joe Palmer, group chief 
executive, said L&G’s non-life 
insurance business showed “a 
splendid turnaround.” 

This was made up of better 
results from householders’ 
insurance, good results from 
commercial fire, and an im- 
provement at Victory, its 
London market reinsurance 
company. 

Total worldwide pre-tax 
profits before the exceptional 
bonus readied £83.2 m for the 
year ending December 31, up 
from £31An in 1985. 

After tax profits were £70m 
(£3&2m), with £68. 6m attribut- 
able to shareholders, after £L4m 
taken by the group’s employee 
profit sharing scheme. 

. Earnings per share rose 37 
per cent from 7.86p to 10.8p 
before the exceptional item, 
and 89 per cent to l&85p after 
allowing for the bonus declara- 
tion. The final dividend is 6.5p 
per share, making a total for 
the year of 9.75p, up 19 per 
cent. 

An exceptional transfer of 
£2 1.4m represents Legal A 
General thareholders propor- 
tion of a distribution of surplus 
arising' from-. « -‘special rever- 


sionary bonus to life policy- 
holders declared on March 9. 

LAG’S recovery in UK non- 
life business produced a £12.2m 
profit, against an £8m loss in 
1965. But tiie results were held 
back by an £8m loss on mort- 
gage guaranty business. 

UK life business new animal 
premiums rose 33 per cent to 
£S8.5m, with vrorldwide lone 
term business profits up 4.8 per 
cent at £45.9m. 

• comment 

Results riddled with ereOep- 
tional items left the City 
scratching its head yesterday, 
with a negative consensus 
finally emerging to mark the 
shares down lip to 299p (on, to 
be true, a bad day for insur- 
ance stocks). Unfair, perhaps. 
Some pre-tax profits forecasts 
for 1987 reached £100m, putting 
L&G on a prospective p/e of 
17.3, only about average for the 
life sector when LAG can expect 
further recovery in UK general 
insurance business. Yet some 
question marks loom large. 
Banner, its small US life sub- 
sidiary, saw profits drop fro*. 
£8.9m to f&fim, and has 
admitted to marketing failures 
in a field where marketing 
reigns supreme. And a special 
reversionary Conns in one year 
may not be repeated the next— 
though k does suggest that LAG 
is determined to compete 
strongly in UK life assurance. 


Gilbert House £70m 
bid for Centrovincial 

BY PAUL CHEESBUGHT. PROPERTY CORRESPONDENT 


Gilbert House Investments, 
whose shares on the USM have 
since the beginning of last year 
ran up from I2p to 118p, is 
using its paper to ac^iire a 
package of property interests. 

The company, controlled by 
Mr Nigel Wray, the financier, 
yesterday announced an agreed 
bid, with a cash and loan note 
alternative, for Ceatrovindal 
Estates. The share offer values 
Centrovincial at £69.5in. 

The paper offer Is 61 new 
Gilbert House shares for every 
18 in Centro vtndaL This values 
Centrovincial shares at 443p, 
assuming a -value of 116£5p for 
each Gilbert House share, 
against 228 p on March 6 when 
it was disclosed merger talks 
were taking place, 280p on 


Wednesday and 315p yesterday. 

The cash alternative, which 
the Centrovincial board is im- 
plicitly suggesting that share- 
holders accept, is £48 and one 
Gilbert House share for every 
16 Centrovincial shares. This 
values Centrovincial shares at 
307.259. 

Centrovincial shareholders 
are also offered £48 in loan 
notes, plus one Gilbert House 
share for every 16 shares they 
own. 

The net asset value of Cen- 
trovincial shares is 25?p and 
it was the premium over that 
figure which led Mr Gold and 
his directors to recommend 
acceptance of the offer. Gil- 
bert House shares ehed 17p on 
the market yesterday to close 
at S8p. 


Hyams edging towards 
settlement with MEPC 


MR HARRY HYAMS appeared 
yesterday to be edging towards 
a settlement with MEPC that 
would leave MEPC as the 
100 per cent owner of Oldham 
Estate, the company he built up 
and in which he retains a 
29.8 per cent stake. 

On March 11, Mr Hyams 
recommended the other 200 
Oldham sha r ehol de rs not to 

maVi» any deckiion ruW.il 

Schrader Wagg. the merchant 
bankers, has appraised tha 
MEPC offer. 

He repeated that advice in 
another letter yesterday but 
noted outstanding issues needed 
to be clarified and that “it has 
been agreed that information on 
MEPC’s and Oldham's valua- 
tions should be exchanged in 
order to establish the precise 
terms being offered to share, 
holders.” 

This is careful language for 
a negotiation between Schroder 


Wagg and Warburg, the 
advisers to MEPC, which could 
lead to a compromise between 
the two sides. With Bernard 
Thorpe, surveyors for Oldham 
and Knight Frank and Rutley, 
surveyors for MEPC, talks have 
been going on down two themes. 

First they are seeking to 
reach an agreed valuation of 
crncial for an offer based on 
asset value. Second they are 
exploring the extent of the dif- 
ferential that should exist 
between the Oldham asset price 
per share and the offer price 
per share. 

The negotiations may ulti- 
mately turn on MEPC’s attitude 
to Mr Hyams. The group has 
made no secret of its preference 
for complete control of Old- 
ham. Schroder Wagg is probing 
to see whether that preference 
can be turned into flexibility 
during the talks. The offer 
expires on Anril 8. 



Union Bank of Switzerland 


Notice 

to Holders of the 

US$ 4 Vfrtb Convertible Bonds due 15th May* 1987 of 
Union Bank of Switzerland (Luxembourg), Luxembourg 

(See. Code No. 593JD49) 

US$ 5% Convertible Bonds due 15th May, 1989 of 
Union Bank of Switzerland (Panama) Inc., Panama 

(Sac. Coda No. 801882) 


The Board of Directors of Union Bank of 
Switzerland will propose to the Ordinary 
General Meeting of Shareholders convened 
for April 9, 1987 that - subject to die neces- 
sary approvals - the present share capital of 
Fr. 1900 million be raised to Ft. 21 75 million 
by issuing 460 000 new Bearer Shares with a 
par value of Fr. 500.- each, and 450 000 new 
Registered Shares with a par yalue of 
Fr. 100.- each. The Participation Ce rtific at e 
Capital will be increased by issuing approxi- 
mately 40Q 000 Bearer Participation Certifi- 
cates (cBPCss) with a par value of Fr. 20.- 
each. It is proposed to offer for subscription 
to the -present shareholders 160000 new 
Bearer Shares and 150 000 new Registered 
Shares at the ratio of one new Bearer Share 
for every 20 old Bearer Shares at the price of 
Fr. B00.- per share and of one new Regis- 
tered Share for every 20 old Registered 
Shares at the price of Fr. 100.-. The remain- 
ing new Bearer Shares and new Registered 
Shares will be reserved subject to the ap- 
prove! by the General Meeting of Sharehold- 
ers of the proposal to exclude the preemp- 
tive rights of the present shareholders, for 
the issuance of convertible bonds or bonds 
with warrants to be utilized for takeovers 
and placements. 


The new BPCs will be offered to the present 
holders of BPCs at the ratio of one new BPC 
for every 20 old BPCs at the price of Fr. 20.- 
per BPC. 

The new shares offered for subscription and 
the new BPCs shall be entitled to the divi- 
dend in respect of the fiscal year 1987 and 
thereafter. 

Provided the capital increase. and the in- 
crease in tile Participation Certificate Capital 
are carried out as proposed, the conversion 
prices of the US$ 4vt% Convertible Bonds 
due 15th May. 1987 of Union Bank of Swit- 
zerland (Luxembourg) and US$ 5% Converti- 
ble Bonds due 15th May, 1989 of Union Bank 
of Switzerland /Panama) inc., will be re- 
duced effective May 5, 1987. The new con- 
version prices will be published as soon as 
possible thereafter. The holders of the 
above-mentioned Bonds wishing to exercise 
their subscription rights are required to ex- 
change their Bonds for Bearer Shares or 
BPCs of the Union Bank of Switzerland 

not later 

than Monday, March 30, 1987 

After this date, option certificates or shares/ 
participation certificates drawn for conver- 
sion are only delivered ex-rights. 


Zurich, March 16, 1987 



i 




COMPANY NEWS IN BRIEF 


McLAUGHUN A HARVEY: 
The rundown ttf construction 
operations in the Republic of 
Ireland left yearend profits of 
the building group down 8-3 
per cent at £1.07m. The divi- 
dend is held at 7p. with a final 
of 5p. 

GJL (HOLDINGS) (sheepskin 
and fur processor)— Turnover 
for six months to December 31, 
1986 was £15 -85m (£12.18m) 
and pre-tax profits £ 1. 3m 
(£0.74m). Earnings per 25p 
share 213p (13J.p) and interim 
dividend lAp (same). 

DELANEY GROUP (furniture 
maker) raised profit to £1.02m 


in 1986 (£720.000 restated) <m 
turnover £9. 03m (£8J6nO. 
Final dividend l-8p for 2J7p 
net total (2Ap). Results in- 
cluded David Bennett (Join- 
ery). 

THE HOUSE OF LEROSE (de- 
signer and manufacturer of 
women's fashionwear): Final 
dividend G.4p making 9.4p 
(8.4p) for 1986. Sales £17.16m 
(£16. 6m) and pre-tax profit 
£LR2m (£l-2m). Earnings 22 
(2L5p) per 25p share. 

WESTERN DOOARS Tea Hold- 
ings: Pre-tax profits for 1986 
were £274,080 (£316,845). Earn- 
Ings per £1 share 1966p 
(23.65p) and dividend 6p 


(same) net Extraordinary debit 
nil (£143,763). 

HAWKER SIDDEU5Y Canada 
(subsidiary of UK electrical and 
mechanical engineer): Quarterly 
dividend 24 cents. Sales 
C$418 .67m (£201. 04m) and pre 
tax profit C$34 .25m (£16. 45m) 
against $32j.9m. Earnings per 
share C$2.01 ($1.78). 

TOWN CENTRE Securities 
(property)— Pretax profits for 
six months to December 31 1988 
were flfilm (£1.43m). Gross 
rental and investment income 
£4.1m (£3 .34m). Earnings per 
25p share 1.07p (04)4p) and 
interim dividend 0.4p (same). 


Summar y of Results 


“...there is an overwhelming case for a 
strong investment trust sector, and I believe 
that the future for investment trusts now 
looks brighter than it has for many years! 5 

ffo jA* n! *0^ *^hflirinan,The United Stalre Debenture Corpo ra tion. 

Investment trusts as awhole 
have proved for both private 
individuals and institutional in- 
vestors an excellent medium for 
long term investment 

They provide stockholders 
yrith a professiooally .and econo- 
mically manag ed vehicle which 
can have a general investment 
poHcy with the freedom to 
change weightings in world 
markets radically and rapidly to 
reflect current prospects. More- 
over, they have the ability to 
produce additional returns by 
borrowings and by investment 
in unquoted companies. 

The success ofUSDC 

USDC operates as a general 
fund, a ? m fog to provide share- 
holders with balanced longterm 
.-ovrth of capital by investment 
an international spread of 




IttS 

roooB 

Net Assets 

£244943 

£190363 

FT Act 

AftShare Index 

835.48 

68294 

Standard^ 

RwrsOomp. Index 242.17 

21128 

Dividend per 
stock unit 

652p 

652p 


Over the year to 31 Decent- 
ber 1986 the Total Net Assets of 
USDC rose to ^243.9m, an in- 
crease of 28.2%. 

Over die last three years it 

has been amongsAe twenty 


1111 _ 
jntheUX 

(Si«cc.Mo«9r 


m allow for the cfcgnge in tfie cgfaaagg cce. 

The threat to investment trusts 
The investment trust sector 
is currently under attack from a 
number of opportunistic preda- 
tors.The Board ofUSDC bdieves 
its continuing existence is vital, 
not just for private individuals 
and institutional investors but also 
in terms of the stock market and 
economy as a whole. 

It wifl be tragic if the future 
of investment trusts is to be deter- 
mined by the views of a small 
number of large institutions, 
apparently against the wishes of 
the majority of stockholders, 

Vote for The Board proposals 
an March 26th. 

For iiirther information write to: 

THE UNITED STATES 
DEBENTURE 
CORPORATION pic 

8* Floes 8DawAfccSjM«*LaBtaBC3M(U. 



Sunny results with an 
excellent long term outlook 


legal & General Group Pfc-Smmnary of3986^Sesulis (IfeiaixBied) • 

1966- 

IMS - • 

Profit from operations 

Sot 

£m 

life aodpensfoos profits (excLUSA) •••• 

4 53 

- 433' . • 

USA. Bfe profits 

6J2 

&9 

Raid management profits 

4,7 

6.5 

General Insurance and reinsurance profits (fosses) 

43 

(29.0) 

Other polks 

03 

13 

Tbtal pre-tax profit before exceptional item 

613 

315 

Exceptional life and pensions pmfit 

21A 

— 

Ibial pre-tax profit 

832 

31.5 

rafinn 

0*2) 

47 

Employee profit rinse 

HA) 

— 

Croup profit before esnaordtaary Item 

6Bj6 

3 62 

Bmaunlinary item after taxation 

— 

1.5 

Group profit for sharehokfeis 

68.6 

37.7 

Earnings per share (Based on profit before extraordinary ten) 

l4R5p 

736p 

Dividend per share 

9-75p 

&17p 

Earnings and dividend per share for 1985 hare been adjusted for foeoptraltsarton issue. 


EEFOKT AND ACCOPHP FOR 1966 The results contained in this statement, upon^ which the audtoo bane not yet 
jEpccnt cooatlttae abridged accounts wifido (be meaning of the Coagaoies Act 1585. The audited Report aod Accounts for 
3966 vgfll be posted to sharehokfes on April 15th 1987 and deterred P the Hcgtgrg of Companies following tbe Annual 
Geoenl Meeting to be held on May 13* 1987. A final dtvkknd far 1986 of &5p pec date is pnposed. 


Despite ihe difficult cbmate of foe past few 
years voe are pleased to announce that 1986 
produced a satisfactory impioveinent over 
the previous year 

Ibis considerable achievement has 
been made possible by the enthusiastic 


in net premium income of over 21%. 
Despite the claims from the very severe 
weather early this year; we are well placed 
for another satisfactory fall yeariesuk in 1987. 



New premium rates have cushioned us 
against our exposure to claims during 1986 
and buoyant maiket conditions have helped 
us maintain or increase our volumes despite 
these increases. 

Premiums have increased across the 

board giving us a rise 



The restating of our Bonus structure 
has produced inaeased payment to with 
profit policyholders and an exceptional 
profit of £21.4 for shareholders. 

.Our market leading H lcwstartr mortgage 
contracts have been very successful and, as 

fixed premium increases for these contracts 
come into effect, we expect to see further 
growth over the next few years. 

There are many indications of renewed 
growth in the pensions market 7b this end 
1986 saw the launch of the Self-employed 
Han and the Director’s Plan as well as an 
improved BuyOut Plan. 1987 will be a year 
of momentous change due to new financial 
legislation. are ready to capitalise chi 

new opportunities. 


^The past year saw dram^ic rises in 
world security prices, high base rates, a drop 
in die value of the dollar and the continua- 
tion of the government’s privatisation 
programme.. 

Property has continued to be a highly 
stable investment and we currently manage 
about £2.5bn worth of property 
Unit trusts have been particularly 
successful. As well as launching three new 
trusts our Par Eastern ^ Thist piCMsd to be the 
industry's top performer. Tbtal sales 
increased sixfold. 


The overall international operations 
contribution id group pre-tax profits was 
£10.3m in 1986 as opposed to a loss in 1985.' 

Ws have been taking positive measure^ 
to maintain our position in the competi- 
tiveworidmattet5.1986sawinvest- 
ment to continue the rapid growth^ 
of our Dutch operation, die 
provision of further capital 
for Victory our specialist 

reinsurance subsidiary and 

the formation of a new French subsidiary 
Our atm for the future remains to 
pursue long term growth and an increasing 
contribution to group profits from inter- 
national operations. 


The results for 1986 have been very 
encouraging. 

It has long been part ofour culture to 
remain alert and responsive to change and 
we remain committed to investing in 
technology to improve efficiency and 
management skills. 

Vfe will continue to provide market- 
driven services to all our many customers, 
and we are confident of a sunny outlook for 
many years to come. 

7b find out more, reserve your own copy 
of our forthcoming annual report, send us 
the coupe® below: 



flease send me a copy offfie forthcoming Legal & GeneraLAnnual Report 1986. 

Send to: Gcxpocate PR Department, Legal & General Gioi?> Pfc,7fen?)le Court, 
11 QueeaVictoria Street, London EC4N 47P. 


Frayn 


Name. 


Address:. 



] Postcode. 


Legal & 
General 




Financial Times Friday March 20 1987 


UK COMPANY NEWS 



Carla Rapoport on Glaxo’s latest success in Japan 

Medicine man finds the formula 


CCF doubles its 


The Boards of Unilever PIC (PLC) and 
Unilever N.V. (N.V.) make the following annomcement 
concerning dividends on Ordinary capitals 


It has been explained in earlier announcements that for 
the purpose of equalising PLCs dividends on Ordinary capital 
with those of N.V. in accordance with the terms of the 
Equalisation Agreement between the two companies, the 
Advance Corporation Tax (ACT) in respect of any dividend paid 
by PIC hasto be treated as part of the dividend. If the rate of ACT 
is changed between the date of an announcement of dividends 
and completion of payment, the previously announced figures 
therefore have to be adjusted. 

The Boards' recommendations for the 1986 final 
dividends on Ordinary capital were announced on 3rd March 
last In view of the subsequent reduction in the rate of ACT from 

twenty-nine/seventy-firsts to twenty-seven/severrty-thirds the 
Board of PLC has today resolved to recommend to the Annual 
General Meeting to be held on 20th May 1987 the declaration of 
a final dividend in respect of 1986 on the Ordinary capital at the 
rate of 36,17p per 25p Ordinary share (instead of 35.18pas 
previously announced). 

The recommended final dividend for N.V. is unchanged 
and will still be R10.67 per B.20 of Ordinary capital. 

Subject to approval of the Boards' recommendations by 
the Annual General Meetings, total dividends on Ordinary 
capital declared for 1 986 will be 51 .16p per 25p Ordinary share in 
the case of PLC and Fl.15.33 per B.20 Ordinary capital in the case 
of N.V. 


A separate announcement is being published in the 
United States. 


73th March 1387 




^AUL GIROLAUZ travels to 
Japan as often as most people 
go to the barber. 

c r hfliiman of Glaxo, Britain's 
largest drug company, Ur Giro- 
lami has been making the ex- 
hausting trip at least five or 
six times a year since 1970. 

. . m week, some of that dedi- 
cation paid off. On Wednesday, 
more than 200 Japanese analysts 
and executives jammed into a 
room in the Hotel Okura to hear 
top fii™ talk about 

the group's worldwide activi- 
ties. 

According to Japanese stock- 
brokers, it was file largest gath- 
ering ever assembled for a 
European' company in Tokyo. 

A few hours later in the day, 
Glaxo announced its next step 
into the Japan: an application 
for a listing on the Tokyo 
Stock Exchange, only the sixth 
Bri tish company to date. 

But despite the years of hard 
'work, Mr Giro lami admits that 
the company a lot more 
work ahead. 

Glaxo's sales in Japan are 
still modest, just 1-2 per cent 
of the Japanese drug market. 
And Zantac, Glaxo's superstar 
anti-ulcer drug, is not a run 
away success in Japan as in 
other markets. 

Nonetheless, Mr GLrolami re- 
mains enthusiastic. He does 
not resent the time he devotes 
to the country and he is not 
expecting quick returns. 

w We'll grow more slowly (in 
Japan) than in the US. But 
this is the second largest mar- 
ket in the world and we’ve been 
at It longer than most. Still, 
it will take much longer,” he 
says. 

Indeed, since 1980 sales in 
the US have jumped from $13m 
to f620m last year. Glaxo's US 
employees expanded from 280 
to 1,600. 

In Japan, sales by Glaxo's 
associated companies in the 




^ .‘is 

80 






leooF^j 



EMPLOYEES 


1975 77 79 81 83 8508 


Mr Paul GJrobnd, chairman 
• of Glaxo 


same period have gone from 
around £30m to £120xn last 
year, while employees have in- 
creased from 320 to 800. Sales 
of Zantac have grown but heavy 
competition in the anti-ulcer 
market has squeezed Zantac's 
market share from a peak of 
38 per cent in late 1985 to 
around 28 per cent at present 

Still, expansion on an inter- 
national basis cannot be done to 
a formula, says Mr Giro lami. 
“In America yon can build a 
marketing team in advance of 
the product We could recruit 
people. That doesn’t happen 
here. In America, it’s easy to 
move— easier to make a mess of 
things, but easier to succeed.” 

Over tiie next five years, Mr 


Giro! ami hopes to double the 
company^ market share to 
around 23 per cent of the 
Japanese market. 

During that period, his hopes 
remained pinned on the joint- 
ventures and co-marketing 
arrangements it has set up over 
the years in Japan. 

Although many joint ventures 
between foreign and Japanese 
companies end in tears, Glaxo 
has had good success in this 
area by obeying a few simple 
rules. 

First; Glaxo's primary joint 
venture. Shin Nihon Jitsugyo, 
formed in the early 1970s, has 
been entirely staffed by the 
Japanese partner. When subse- 
quent tie-ups were set up, the 


same rule applied. 

“ We haven't bad a successful 
expatriate in Japan. It d oe s n' t 
seem to work,” he says. 

Tnfttftad, he has forged per- 
sonal relationships with his 

CT UTm4rp »rts in Japan through 
his many visits. Unlike so many 
foreigners in Japan, he does not 
tvimpfahi about lade of market 
access in Japan. 

“I am not conscious of podr 
tfyg discrimination against our 
products," he says. “But the 
whole (drug distribution) sys- 
tem — which was not designed 
to keep us rot— is very difficu l t 
An inefficient system is a very 
difficult one to enter," be 

cygplninR- 

Ihdeed, the lines of demarca- 
tio n in the distribution of dzugs 
in Japan are almost impossible 
to distinguish. Retailing, whole- 
saling and prescribing trod to 
merge. 

As Mr Girahmti points oat. 
there is no pure, undetached 
wholesaler in Japan as in Euro- 
pean countries. Soma doctors, 
for example, run their own 
small hospitals with private dis- 
pensaries. 

The bottom line, according to 
Mr Gtrolami. is to fit into the 
Japanese system. “You’ve got 
to do it their way— unless you 
have some kind of missionary 
zeal. 


profit and makes 
f 7m acquisition 


‘Things w£B change here, 
slowly, but there isn't much 
point in forcing change. It will 
happen,” be says. 

And by the time it does, 
Glaxo plans to be one of the 
major players In the Japanese 
market 


Consultants (Computer ft 
Financial), the USK quoted 
computer services group, yester- 
day announced more than 
doubled profits ia 1986 of £23m 
and the £7-lm acquisition of 
the Dowme group, _ .which 
specialises in the development 
and implementation of backing 
and financial systems software. 

The shares rose sharply oh 
the news and dosed 38p higher 
at 242p. 

The company is acquiring 
Itownie afld is meeting con- 
sideration by the atiobnent to 
the vendors oflfim new ordin- 
ary shares and by £3L875m in 
oadL The payment of film of 
this cash, however,, will' be de- 
f fezrednotil die first aonfoenaxy 
of cbmptetioa. 

James Capel has condition- 
ally agreed to subscribe L84m 
new ordinary shares at 200p .to 
raise £2 38m, set, for the com- 
pany. These proceeds wiU be 
used to satisfy part of- the cash 
element of the consideration, 
with the balance provided from 
group resources. 

Downie achieved pretax pro- 
fits of fiZJSfe on {2.76m turn- 
over in the year ended May 31*. 
1988, and turnover in the cur- 
rent year is ahead by over .40 
per cent Net tanggfla assets 'at 


the end of Msf amounted^ to 
£768,000. 

. Meanwhile, CCF. reported a 
record £2fi2m (£971,000) pre- 
tax figure for tiie year ended 
December SI, 1986.. Turnover 
jumped from £L68m t0 £tL37iu 
and earnings per 5p share were 
25.9ft against 5-Ip. The final 
dividend is lifted to ISp for a 
total of Up (0.75p> net ' 

CCFs UK activities contri- 
buted £2-24m (£L03m) while 
other UK . subsidiaries added 
£131,000 (£1,000). Far .. East 
activities nude a' profit tills 
time Of £38^000 (£109,000 Joss), 
While.' North Americas open-, 
tions pushed up profits from 
£48,000 to ‘ £163,000. In' Austra- 
lia, there was a first .time toss 

nf mooo. . . •; 

.. Mr Tim Shaft the chairman, 
said tiie grasp was wen placed 
to capitalise on the' .enormous 
opportunities available in the 
global financial .software mar- 
ketplace. He expected 1987: to 
be. another successful year in 

of - Uownle .■ Associates '. would 
provide the group with, anjjn- 
creased, market dure sand e^ab- 
Hshed. links with the European 
banking amt Eurobond market- 
places. ;t - r. •' . ; 


Acquisition boosts IFICO 


Flotation paying off 
as Interlink hits £2m 


OR^ 


BY ALICE RAWSTBORN 


This announcement appeals as a matter of record only. 

FEBRUARY 1987 



CLAL FINANCE NV 

Incorporated with touted liability in the Netherlands Antilles 

US $20,000,000^ 


GUARANTEED FLOATING RATE NOTES 1994 


Payment of principal and interest uncand&danedfy and irrevocably guaranteed lip 

CLAL (ISRAEL) LTD 

(Incorporated with limited liability in Brad} 


ISSUE PRICE 100% 


Manager 


Bank Leumi le-Israel B.M. 


Underwriters 

Bank Leumi le-lsrael BM Bank Hapoalim BM 


Principal Paying Agent 
Bank Leumi (UK) pic: 


TAKING INTO account the 
results of FUW HnWingg, the 
insurance broker acquired at 
the end of last summer, the 
Industrial Finance and Invest- 
ment Corporation -was able to 
lift its pre-tax profits for the 
opening half of the current 
year by 25 per cent. 

The directors said yesterday 
that they considered the pro- 
gress to date and prospects for 
the rest of the year to be prom- 
ising. 

For the six mouths to end- 
Dec ember 1986 turnover 
declined from £&57xn to 
£2.92m but at the pre-tax level 
profits improved from an 
adjusted £311,000 to £390,000 
— the company Is a licensed 
dealer in securities. 

Tax accounted for £209,000, 
against a previous £121,000. 
and minorities for £3,000 
(£1,000). An extrao r dinary 
credit of £58,000 this time arose 
primarily from the sale of the 
former East of Scotland 
Onshore investments. 

Earnings for the period 
emerged at 1.84p (L4p) per 
25p share. The interim divi- 
dend is being maintained at lp 
net on the capital enlarged by 
last July’s £2m rights issue and 
the consideration shares issued 
to take over Chelmsford, Essex, 


T. Clarke ahead 

T. Clarke, electrical con- 
tractor, raised pre-tax profits 
from £608,000 to £878,000 for 
1986, on slightly lower turnover 
of £29.04m, against £29Alm. 

With earnings per share 
ahead from 3A6p to 5A3p, the 
final dividend is L988p for a 
total of 2.698p (2Alp) net 

Tax charge was £337,000 
(£258,000) and there was an 
extraordinary charge of £56,000 
last time leaving an attributable 
balance of £544,000, against 
£295,000. 


LiUey sale 

PRE-TAX profits during 1986- 
87 of the two quarry companies 
sold by F. J. C. LiUey to Tar- 
mac were £G-8m, not £4-6m as 
stated In Thursday's paper. 


Heywood Williams Group PLC 


^ An extremely active year in terms of acquisitions 
and reorganisation, both in the United Kingdom and 
the United States of America 99 

Ralph Hinchliffe, Chairman 


Pursiting the Group strategy of concentrating 
efforts in the fields of glass and aluminium, five 
acquisitions were completed during the financial 
year — two in the US and three fri the CJK. 

Since the year end a further US acquisition 
has been completed and an agreed £21 million ofier 
announced for Therm ax Holdings pic. 


“When these factors are considered in the 
light of the Group’s achievements over the last 
six years, [ look to the future with confidence 
and expect 1987 to be another good year”, 
Mr. Hinchfiffe tells shareholders in his annual report. 


In the United States the Group’s recreational 
vehicle interests have been extensively expanded 
and reorganised. 

Prospects for die current financial year are 
favourable. In the US market conditions are forecast 
to be good and an all-round improvement is 
anticipated. In the UK market conditions remain 
strong, the Group’s financial position is sound and 
the outlook is most encouraging. 


Profits up by 41% 

Group pre-tax profits were at a record level for 
the fourth consecutive year. Turnover was ahead by 
35% . Afina! dividend of 5.0p per share is proposed, 
makinga total for the year of 7.75p — a rise of nearly 
15%. 

2986 1985 


Turnover 
Pre-tax profits 
Earnings per share 


£138m £102m 
£7. 8m £5. 5m 
18.6p 17.3p 


GLASS AND ALUMINIUM SPECIALISTS 


based FMW Holdings. 

The results for the half year 
were merger accounted and 
comparative figures adjusted 
accordingly. 

Jt was also announced yester- 
day that Mr R. F. Looker, a 
main board director, bad 
resigned in older to devote his 
energies to the chairmanship of 
British Benzol and to the affairs 

Of bin family BBwipywto^ 

• comment 


The past two years have been 
very hard for Ifico. First the 
Chancellor robbed the company 
of its leasing raison d'etre, then 


a bought deal over East o£ 
Scotland Onshore, planned as a| 


Scotland Onshore, planned as a| 
rights issue in disguise, fell 
through leaving a £3m shortfall 
This was followed by what 


appears to have been a take- 
over pineer movement involv i ng 
Terry Ramsden’g Glen Invest- 
ments. Ifico have now come 
partly (44 per cent) to rest in 
the arms of Unity Carp, an 
Australian raider whose prob- 
lems at home have recently had 
a considerable airing. Bamsden’s 
stake was sold to Tony Coles’s 
Bestwood and has thence aped 
on to a multitude of so<mAo-be- 
disenfranchised offshore nomi- 
nees. All of which makes profit 
forecasts of £L2m for this year 
appear almost dull. However, 
Ifico's careful buying policy on 
the estate agent and insurance 
broking fronts is paying divi- 
dends and even a fully-diluted, 
tax sheltered prospective p/e of 
16} at 90p still leaves some 
/room far excitement 


Interlink Express, the over- 
night parcels delivery service 
which joined- the USM in 
October, yesterday watched its 
shares rise by 39fp to 350p on 
the n T mmm pGmtmt Of a 91 per 
cent surge in midway pretax 
profits to n ,TW - 

The company succeeded in in- 
creasing its share of the over- 
night parcels delivery market 
dniing the six months to Decem- 
ber 31, 1986. The number of 
consignments handled each 
night rose by 49 per cent to 
6,200 and had since grown to 
7,200. 

Inter link now commanded an 
estimated 8 per cent share of 
the market, compared with 5 
per cent at tne time of the 
flotation. 

"Host ot the new business 
has come from new clients,” 
said Mr Bichard Gabriel, Ihter- 


HnV « chairman and, managing 
di wyf nr-, “One of flie reasons 
for the flotation was to raise oar 
profile in the industry and that 
seezns to have paid off.” 

Turnover increased to £9£m 
(ffidxn). Earnings per share 
rose to &25p (4>84p) and the 
board .has declared an interim 
dividend of 2^5p. . 

In August the company -ex- 
panded outside the UK for the 
first-time by settingup* service . 
in Ireland. 

Interlink was in the throes 
of 'building up ibr domestic 
management team; Once that' 
was .accomplished and the Irish 
business was- 'profitable, the 
company would consider 
diversification'- into Wed 
Germany and the US. . 

Mr Gabriel said that business 


had hero' buoyant in the bpeiir 
ing weeks of foe second half 



Forthcoming Bank 
Annual Reports & Accounts 


i n response to considerable reader demand, The Banker 
is introducing a new service to stimulate the worldwide 
readership and distribution of Bank Annual Reports and 
Accounts - the most important statement every hank makes 
every year. 


The new service is in two parts. 


Every month The Banker will publish a diary of expected 
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Copies rf the report and accounts are available bom the Secrataijji BayhnB, Huddoddd, West YoAshira HD1 5EJ. 







^7 




faucial Times Friday Kaxch 20 1987 




>!a ? 

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11 Ka:- 


The 


UK COMPANY NEWS 

Octopus up 28 % and set SR G f nt 
for further acquisitions 

ST ALICE RAWSTHORN * 


wna a 

* ■ ■ SfcS 

fishing 


wr ALICE RAWSTHORN 

’K^Octopus Publishing Groan 

fan£2F n %* - Per cent 
7“ S,P re ^» P^ts to £26.04m 
for 1986 and announced tijotJi 

* wan ^ 
“{Xa*t year Octopus followd 
the_ acquisition in ■ 1985 <f 

SS , educationl 

and children's book puWisbr. 

W purchasing Hamlyn PnbBh- 

_ rag xrozn Reed International aid 
increasing its holding in the 
paperback publisher. Van 1 
■fi t Octopus ended the rear 
with a cash pile and is bok- 
. ror T *}Wtter epportuuties 
wittia UK and OS book pub- 
lishing and further afield, n the 
communications industry. 

i_T W ®^J hi * re Spent a very 
interesting year, sorting art the 
new businesses and fltttig our- 
selves together,” said Sr Pan! 
Hamlyu, group phajnmw. “ This 
year w e will be Tooling far 
growth internally 2nd to 
acquisition.” 

In the UK, Octopus.'lifce most 
other hook publishers, suffered 
from sluggish sales in the fcst 
half of the year.' Demand 
recovered in the second hilf , 
however, and, according far Air 


Hanflyn, it Has remained strong 
so f ar in 1987. 

Ov erseas, the group suffered 
»om adverse currency move- 
ments in its core markets. Aus- 
tralia and the US. *>*•>! nrfg» 
rates erased £3Jm fromgroup 
sales and £500,000 from profits. 

In the year to December 31, 
wo pus increased turnover to 
£15&5&n (£13&27 o). Opera t- 
Profits rose to £23.75m 
(£18J)2m) and included a con- 
tnbutum of £lA6m from the 
sale of shares in TV-am, the 
breakfast television station, and 
£795,000 from a reduction in 
group pension contributions. 
Octopus gleaned £1.03m 
(£997,000) from its share of 
profits in related companies, 
principally Pan, and £1.25m 
(£l.35m) in investment income. 

Tax took £8Lfi8m (£7. 92m). 
The release of a provision 
ag ain st the TV-am holding is 
largely responsible for an ex- 
traordinary credit of £611,000 
(debit of £343,000). Earnings 
per share (fully diluted) rose 
by 39 per cent to 32.1p. The 
board proposes a final dividend 
of 7.09p (4.59p), m a kin g a 
total of 9.79p (S.75p). Xt has 


also announced a subdivision of 
each ordinary and - deferred 
share of lOp Into two shares of 
5p. 

• comment 

Without the timely flotation of 
TV-am and a timelier pensions 
holiday, Octopus would barely 
have met the City's profit fore- 
casts. Yet the book market was 
so bearish for much of 1986 and 
Octopus's statement so bullish 
that the shares rose by just 2p 
to 688p yesterday. In the UK 
market it will take a year or 
so for the full benefits of In- 
tegrated distribution to filter 
through, but the Heinemamn 
lists look livelier and its back 
catalogue can be used to greater 
effect at Pan. Overseas, cur- 
rencies are atm problematic, 
but both the US and Australian 
markets are more buoyant Yet 
the teal interest centres on 
acquisition activity. As it stands i 
Octopus should muster profits of 
£29m or so and an appropriate 
prospective p/e of 19.5. Add an 1 
appealing acquisition and the , 
shares may seem rather more 1 
attractive. t 


SPONSORED SECURITIES 


High Low 

Com pin; 

Gross Yield 

Price Change dhr.(p) *A 

P/E 

181 

118 

Ah. Brit. Ind. Ordinary ...... 

160 

— 

7.3 

4.8 

9.8 

163 

121 

Ass. Brit. Ind. CULS 

163 

— 

ion 

6.1 

_ 

40 

28 

Afmftsflo and Hhodaa ..... 

38 

— 

4.2 

11.7 

5.0 

80 

64 

BBS Dosifln qoup (USM) ... 

75 

-1 

1A 

IS 

17.9 

221 

166 

Bardan HBI Coup 

221 

— 

. 4.6 

2.1 

25.1 

108 

66 

Bray TKhnobglM - 

108 

— 

4.3 

4.0 

12J 

138 

78 

CCL Group 3rd inary 

132 

— 

2.9 

2.2 

9.4 

107 

86 

CCL Group 11 pc Cony. Pf. ... 

98 

— 

1S.7 

15.9 

_. 

271 

lie 

Carborundun Ordinary ......... 

287 

.+1 

9.1 

3.4 

12.9 

94 

so 

Carbonindim 7-fipc Pf 

94 

— 

10.7 

11-4 

— 

128 

75 

Gaurga Bhlr 

90 

— 

3a 

4.2 

23 

115 

57 

Ind. Preriik>q Cl Kings — 

115 

— 

6.7 

B.B 

10.3 

176 

11a 

Isis Groxp 

119 

— 

10.3 



— 

124 

101 

Jackson 'Group 

122 

— 

6.1 

5-0 

8.3 

377 

290 

Jama* Burrough 

367 

— 

17 O 

4.6 

103 

too 

as 

Jamas Burrough Ipc Pf. ...... 

91 

— 

12 ja 

T4JZ 

— 

103S 

342 

MultihOUM KV (AnntSE) ...... 

750 

—30 

— 

— 

393 

380 

280 

Rocord Ridgway bdinary 

357 

— 

— 

— 

BA 

100 

83 

Record RJdgwny-OpC Pf. 

84 


14.1 

1B.8 

— 

St 

67 

Robert Jenkins 

Scruttons 

89 

— 

— 

— 

3.9 

69 

30 

69 

+ 1 

— 

— 

— - 

1G2 

67 

Torday and Canale 

152 

+ 1 

5.7 

3.8 

93 

340 

321 

Travfen HofcHnQS?*** 

324 

— 

7 s 

7.A 

8.7 

91 

42 

Unilock Holding (SE) 

91 

— 

2.8 

3.1 

16.8 

130 

65 

Welter Ataaind* 

130 

+1 

BJ> 

as 

12A 

200 

190 

W- S* YUtM 

193 

— 

17.4 

9.0 

19.3 

102 

67 

West Yorks. III. Hasp. (USM) 

102 

+3 

B.B 

5.5 

14.6 


Granville 6 l Company Liofcd 
8 Lovac Lane, London EGJ- BBP 

Telephone 01-621 1212 . 

Member of FIMBRA 


Granville Davies Coleman Limbed 
27 Lone Lau* London EC9R8DT 

B Telephone 01-621 1212 

Member of the Stock Exchange 


Refuge expands 

Refuge Group, the insurance 
and financial services organisa- 
tion, lifted its pre-tax profit 
from £7.4 lm to £&23m in 1986. 
The dividend Is raised by 2p 
to 15.75p net, with a final of 
10.75p. 

Industrial branch premium 
income rose by 6.5 per cent and 
ordinary branch by 5.4 per cent 
Expansion in the unit-linked 
businesses continued and 
premium Income surged by I 
8&8 per cent I 

There was a net deficit of 
£L07m (£55,000) in the general 
branch following increased 
claims on motor and household 
policies. 

HTV GROUP (TV programme 
contractor, fine art dealer): In- 
terim dividend 3.2p (2.8p) for 
half year to January 31, 1987. 
Turnover £59.49m (£56 -13m) 
and pre-tax profit £731m 
(£4-34m). Tax £2.72m 

(£1. 74m). Earnings 24-57p 

(12.59p). 

SPONG HOLDINGS (clothing, 
houseware and creative services 
group): Interim dividend OJJp 
for six months to October 31, 
1986. Sales £9.54m (£18.38m) 
and pre-tax profit £414,000 
(£520,000). Earnings 0-92p 

against L28p per 5p share. 


SR Gent 
back in 
profit at 
£0.5m 

S.R. Gent, the clothing manu- 
facturer wfeteb fell infa» losses 
of £L24m is the year to June 
1986, moved back Into the 
black with Interim profits of 
£525,906 for the six months to 
DecenAer. 

This compares with an in- 
terim profit a t £23,009 la 
1985, When the company's 
profits had begun to suffer 
Hiaafcw to growing competition 
from Next and Principles for 
ft* main customer Marks and 
Spencer. Turnover rose 
slightly from £4&88m to 
£45.04m. 

Directors sold the Improve- 
ment was partly due to sav- 
ings from cost reduction pro- 
grammes. Two small plants 
had been closed but total 
capacity sustained through 
improved efficiency. 

The move to a better 
balance of product mix with 
more emphasis on active and 
leisurewear was going accord- 
ing to plan, they said. Casual 
and active wear continued to 
offer opportunities with 
casual clothing ranges being 
produced for Reebok. 

The Canadian subsidiary 
had shown progress, while 
South Africa had continued 
to trade profitably In sterling 
terms despite the fall in the 
value of the rand. 

Sublime lighting results 
had been disappointing, but 
should benefit from the new 
Homewear division to design 
and market coordinated 
ranges, they said. 

Interest charges fell from 
£843,000 to £789,000. After 
higher tax of £102,006, earn- 
ings per share rose to JJ2p 
credit from last time's loss 
of 0-2p. 

Directors declared an 
Interim dividend of 0J55p 
per XOp share, compared with 
1985’s figure of 0,5p. 

Halls Homes 

Halls Homes & Gardens, 
man uf acturer of garden 
buildings and conservatories, 
returned profits of £L14m 
pre-tax for the 1986 y<sir. 
That was 64 per cent ahead 
of the previous year's 
£694000 and 8 per cent up 
on the forecast made at the 
time of the company's USM 
flotation. 

Turnover totalled £1 7.75m 
(£13. 71m). Tax of £249^00 
(nil) left earnings per 5p 
share at 9L6p (7.1p). 


Cambridge expects 
56% profit rise 



BY PHILIP COG GAN 

Cambridge Instruments yes- 
terday forecast pre-tax profits 
up 56 per cent to £7 .5m in the 
current financial year, as it re- 
vealed its pathfinder prospectus 
in preparation for its main mar- 
ket flotation later this month. 

Profits for the first nine 
months of the year were £5.03ra 
on turnover of £S3.5m compared 
with £4. 85m and £53. Om respec- 
tively in the last full financial 
year. The forecast earnings per 
share are 8.8p. 

Around 36.3m shares, 37.1 
per cent of the enlarged equity, 
will be offered under the issue 
of which 28m shares will be new 
and the rest sold by existing 
shareholders. 

Klein wort Benson plans to 
allocate 40 per cent of the issue 
to institutional Investors, 7.4 
per cent to employees and exist- 
ing shareholders and the rest 
will be offered to the public. 

The increase in profits is 
largely due to the acquisition of 
Reichert industries from Warner 
Lambert in May 1986. After 
having cut the wages bill by 54m 
via a reorganisation of the US 
headquarters, the optical instru- 
ments division — the largest part 
of the old Reichert — is shown 
as making a £2.66m operating 
profit in the first nine months 


B A R R A T T 


of this year. That compares with ! 

a $2.6m pre-tax loss for the 

whole of Reichert in the pre- 
vious year. 

However, the problems of the 
semiconductor industry seem 
to have affected thet rest of the 
group. Although scientific in- 
struments and semiconductor 
equipment are separated for 
turnover purposes, they are 
lumped together for profits pur- 
poses. Those figures show the 
first nine months’ operating 
profits at only £2.42m. compared , 
with £4 5m in the whole of the 1 
previous year, and that is after ; 
the addition of some profitable 
Reichert histology equipment I 
business. 

Mr Terry Gooding, the execu- 
tive chairman of Cambridge, : 
who was brought into the group , 
in 2979 by the government-run 
National Enterprise Board, said ' 
that thet fourth quarter was 
traditionally the best for the 
scientific equipment and semi-: 
conductor business, but would > 
not break down results by quar- 
ters in previous years to illus- 
trate the trend. ] 

The share price will be 
anounced on March 25 and a 
full prospectus will appear in 
the national press two days 
later. 


Half year 

Half year 

ended 

ended 

31st Dee. 

SlstDec. 

1988 

1985 

£m 

£m 

186.6 

213.7 

1^5 

7.5 

A0 

2.6 

8.5 

4.9 

L5 

4.1 

4.0 

0.S 

23.4% 

23.1% 

4JJp 

2£p 


Church recovers to 
16% profit growth 


A PICK-UP in the second half 
enabled Church & Co, shoe re- 
tailer, wholesaler and manufac- 
turer, to lift its pre-tax profit 
by 16 per cent, from SAJSOm to 
£5.06x0, in 1986. 

Mr tan Church, chairman, ex- 
plained that by September UK 
retailing improved and 
gathered momentum until, in 
the last quarter, the group was 
achieving excellent sales. In 
the first half lack of tourists and 
poor weather produced indif- 
ferent retail figures and demand 
was beginning to drop. 

Manufacturing in the UK 
improved while A. Jones & 
Sons, the retail subsidiary, had 
a much better year with turn- 
over up to £26.27m (£24. 4m) 
and pretax profit to £L48m 
(£1.16m). Three new shops all 
started well, while modernisa- 
tion of existing branches 
continued. 

Mr Church said in America 
profits improved both in dollar 
and sterling terms and figures 


for the first few months of 1987 
were much improved. 
Canadian sales and profits were 
well up. 

On the current year the 1 
chairman said R had started 
well and he looked forward to i 
another good year. i 

After tax £2.05 m (£1.71m) 
and minorities £6,000 (£7,000), ■ 
the attributable profit came to | 
£3.04m (£2. 68m) for earnings 
of 29. 2p (25.0p> per share. The 
final dividend is 7p for a net 
total of 9.5p (8.5p). 

Duncan & Goodricke 

Walter Duncan & Geodrieke, i 
investment, banking services I 
and warehousing group, lifted 
pre-tax profits from £1.72m to, 
£6 .88m in 1986, reflecting a i 
surplus of £6.08m (£L33m) 
from tiie sale of investments. , 

Earnings per £1 share were 
309.04p (87.23p) and the net 
dividend is raised 33 per cent 
to 20p (15p). I 


'ELOPMEWs’ 


INTERIM STATEMENT 

The following are the unaudited results of toe Group for the 
half year ended 31st December, 2986. 


Turnover 

Profit for the period before taxation 
Taxation 

Profit after taxation 
Interim dividend 


Rate of dividend proposed 
Earnings per share 


The TJ.K. private housebuilding market continues to reflect 
the economic “North South divide.” Completions were slightly 
lower in this period than in the comparable period last 
year, but the Increased average selling prices meant that 
revenue from the sector was virtually unchanged. Some 
delay In bringing new sites on stream was. .-experienced 
and the Company was thus unable to wholly satisfy the 
undoubted demand for our Premier Collection bouses. 

The changing emphasis of our product mix towards the 
second-time and subsequent purchaser continues and we 
are on course to reach our target of 70% of such purchasers 
by the end of the financial year. 

We do continue, however, to serve the total bousing market 
and, particularly in the Inner cities, we are in partnership 
with Local Authorities and Housing Associations in large 
redevelopment and refurbishment schemes. These schemes 
are tailor made to suit the social needs of the particular 
locations, but typically would involve mixed tenure with 
houses available for sale, shared ownership and fair rent 
Profitability in the UJ5 JK. continues to improve and we 
are experiencing good demand for our product A number 
of new developments have been commenced recently and 
will contribute to the second half year. The apparent 
reduction in turnover is the result of the inclusion last 
year of land sales, mainly at Creekside and the fact that 
this year a number of completions were achieved through 
a Joint Venture and for accounting purposes these are 
not included in turnover. 

As Europe's largest time share operator of leisure resorts 
we welcome the involvement of the Department of Trade 
and Industry in attempting to produce a more orderly 
market This can only be of benefit to responsible developers 
such as ourselves. Our leisure property subsidiary again 
provided a strong performance. In response to the high 
level of demand experienced we have purchased a third 
Spanish beachfront resort dose to MarbeUa. We now have 
eight luxury leisure resorts. 

No material commercial developments have been undertaken 
in the period and the portfolio of our investment properties 
has been maintained at £87 million. 

The directors believe that the action taken over the past 
two and a half years has reinforced the inherent strength 
of the Group and remain confident of its future. The 
Board feds justified in dedaring an interim dividend of 
2.54p per share (last year 2 .sip per share). The dividend 
will be paid on the 29th May, 19*7 to shareholders on the 
register at close of business on 1st May. 1887. 

Sir Lawrie Barratt, Chairman. 


CHAIRMAN’S STATEMENT 

"After anofog year off remarkable growth,” 
said Mr Rotart C. Smith, Cbainiian I <, assels 
under manfeement throughout the Group - 
in die UK,Canada and the Republic of 
Irdand-ecceed£12^bn. This growth has 
been signficant in real tenns and, with new 
business lontinuing to flow strongly, we 
have dotbled our UK. maifeet share in the 
past ten .tears. 

The jffering, in 1986, of a range of unit 
tnists toibe public met with instant success 
and has established Standard life as a major 
force in that investment area, adding 
another popular product to our more 
♦pM fitimal ecdowment assurance, pension 
and linked tfe business." 

Bonus Declaration 
“Standard life has an outstanding record for 
the level aad consistency of Hswith profits 
pdicy bonuses and once again we have 
been able both to maintain the high rate of 
reversionary bonus and to increase terminal 
bonus oi polities in the UK. and the 


ASSETS UNDER 
MANAGEMENT 


under policies in Canada have also been 

maintained.' 

Staff 

Mr Smith had praise for the Group's staft 


fee UK. in &S6 severely increase me 
pressure on &iff and admimstrahve^stems 

a heaiydei^for 

overtime aad weekend woriorg. The staffs 
response vas “quite magnificent” 

m 4 NAGI »ev?ew CTOR ' S 

as follows: 

TINITEP KINGDOM . 

New Business ; 

to h^purc^ md • 


areas**-” endowment annual 

£KXhn -aoincreaseof 
,, vest On 1st May 


W*' "7 Zn .range of seven unit 

StiSSSSS-iK 


EXTRACTS FROM THE CHAIRMAN’S STATEMENT AND THE MANAGING 
DIRECTOR'S REVIEW, TO BE PRESENTED AT THE ANNUAL GENERAL MEETING 
OF THE STANDARD LIFE ASSURANCE COMPANY ON 24TH MARCH 1987. 

written, more than double last year’samount for the removal of unnecessary barriers to might be expected to arise from with 

New single premiums under Individual authorisation that might inhibit those profit policies be on a fixed basis, the same 

pensions business increased to 5304.9m but otherwise able and qualified to apply. for each office. One important and 

corresponding fennual premiums decreased ]t would be a sad blow for all those potentially far-reaching consequence of this 

to'3£3L6m. In preparation for the forth- consumers whose needs are for ind^jendent is that it will no longer be possible to sell 

coming changes in the pensions scene we and relatively simple and straightforward .policies purely on the strength of the- 

have set up ‘Strategy Eighty£i£rf- an adviceif there were to be a significant quotation. 

exercise in communication to ensure that reduction in fee numbers of small firms of There is dearfy a needier an indepen- 

our existing peinsion scheme dients and chjq* J? depen ^^ tot agency to produce for the intermediary 

SSfiSXSS'SXff' SKKgSSESSS. SSSSBSSXSES. 

sassasttsa?-*' •“—-* 7 -’ ESSSET 

1 v Commission Department erf Trade and Industry and other 

Legislation - "Thae can be no financial bias fcowards one published facts." 

Financial Services Act office rather than anotherwithin a group all 

“The Flnanda Services Act seeks to control payin g fe e samg mmmi«inn. SIR has Legislation — Pensions 

the way in which we conduct our business- decreed that salesmen paid commission by Referring to the latest draft R e gula ti ons on 

mainly in the area of selling. Under the Ad; offices adhering to the scale laid down need pensions, Mr Gwilt said: 

a Securities aid Investment Board (SIB) has only disdose that the commission 1s paid “Against aD professional advice, the 

been set up. The rules govaning the according to that scale. In other cases the Government have decreed that ‘unisex' 

conductof business and selling have been^ salesman would have to disdose the actual rates be charged for the protected rights 

published bySIB and are broadly sensible.” monetary amount of comnri^on at the time annuities arising from contracted-out 

, . , ,. . of the sale. Such a system makes it easier for personal pension schemes on the grounds 

Independent intermediaries a salesman to sell ‘scale’ .commission that Tor peoaons intended to replace 

'One of tte nain&rasts of the SIB rules is polides and that helps to efiminafe bias. provision by the state, there should be equal 

to afford proechon to the consumer by ' Consumer bodies should be aware that a annuities in return for equal contributions 

seeing that te is aware of the nature of the successful raff far total disrinanm might well regardless of sex and marital status! 

contract he iibuyingand the status of the have the reverse affect to that intended However it is a wholly i n adequa te reason 

salesman seUng it to him.-^ ^ because instead of an orderly market of for ignoring the fu n d am e n tal differences in 

J- unbiased advice and stable commisaonswe mortality between the sexes. 

wtmld see commisswisrisiiig-at the expense While we consider that it is in most' 

^athrvingandlar^^r 


of the sale. Such a system makes it easier for 
a saWnan to sell ‘scale’ commission 
polides and that helps to eliminate bias. 

' Consumer bodies should he aware that a 
successful caD for total disclosure might ^ wefl 
have the reverse affect to that intended 
because instead of an orderly market of 
unbiased advice and stable commissions we 
would see, commissions rising-atthe expense 
oftitoconsumor-asaampaniesviewtiiwie 


SESSSSS^-- 


country- A g»up of offices, inducing 
Standard Life, have determined to support 
the cause ofhe independent intermediaries 
by a campaign aimed at explaining their 
role to the pibBc. In addition we shall press 


Assessment of the 
Strength of Offices 
“One of SB's rules will require that all 
quotations of the future benefits which 


might be expected to arise from with 
profit polides be on a fixed basis, the same - 
for each office! One important and 
potentially far-reaching consequence of tills 
is that it will no longer be possible to sell 
polides purely on the strength of the 
quotation. 

There is dearfy a needfor an indepen- 
dent agency to produce for the intamediary 
a professionally reasoned opinion on the 
prospects for each office based on an expert 
assessment of the statutory returns to the 
Department of Trade and Industry and other 

pnhlishpri facte-* 

Legislation - Pensions 
Referring to the latest draft Regulations on 
pensions;, Mr Gwilt said: 

“Against aD professional advice, the 
Government have decreed that ‘unisex* 
rates be charged for fee protected rights 
annuities arising from contracted-out 
personal pension schemes on the grounds 
that for peoaons intended to replace 
provision by the state, there should be equal 
annuities in return for equal contributions 
regardless of sex and mania! status? 
However it is a wholly i n adequa te reason 
for Ignoring the. fundamental differences in 
mortality between the sexes. 

While we consider that it is in most 
employees’ interests that they remain in 
good final salaiy occupational pension 
schemes we wffi be marketing first dass 
competitive contracts to those employees 
who elect to opt out of occupational 
schemes or elect to transfer ^ values on 
leaving service.* 


REPUBLIC OF IRELAND 

“Over the past ten years our assets in the 
Republic of Ireland have increased ten-fold 
and now exceed IR£600m. In recent years 
we have been major sellers of guaranteed 
growth bonds and guaranteed income 
bonds. The 1986 Budget, however; restricted 
fee tax advantages of these bonds and we 
have ceased to offer them for the time being. 

Sales erf investment-finked bonds 
increased to IR£32.4m, reflecting the con- 
sistently outstanding performance of our 
investment-finked funds since their launch 
in February 1982. 

One of our objectives has been to 
increase our annual premium business and 
this year’s figures continue an encouraging 
upward trend that has been established over 
the past few years. 

Life companies currently pay a levy to 
the Government of E*% of new premiums 
and there is a recent proposal to raise ft to 3%. 
In 1986 companies suffered an additional 
special levy at the rate of 9% on all income 
and capital gains. It should be recognised 
that the imposition of such a levy is 
tantamount to unfair discrimination against 
life assurance companies and their ■ 
policyholders.” 

CANADA 

“Our Canadian organisation enjoyed 
another successful year in 1986. While total 
premium income remained virtually un- 
changed from 1985, our involvement in the 
group pension market increased substan- 
tially and net investment income increased 
by over $40m. Single premium annuity 
income exceeded $100m for the first time in 
our history, while total premium income 
from pensions has surpassed the record 
levels of 1985 by more than 15%. 

At the beginning of the year fee new 
Standard Life Centre, a 26-storey office and 
commercial complex in the heart of 
Toronto's financial district, was completed 
and occupied by its first tenants. This 
impressive building is expected to be fully 
let by the end of the year? 


Life 


FOR ALL OF YOUR LIFE 


THE STANDARD LIFE 
ASSURANCE COMPANY 
HEAD OFFICE: 3 GEORGE STREET 
EDINBURGH EH2 2XZ 


I 
■ 0 


( 








COMMODITIES AND AGRICULTURE 


Financial 


Friday March 


lme Compromise clears way 

clearing 

controversy for rubber pact approval 

widens I W WILLIAM MfllMRCP IN GENEVA 


By Stefan Wagstyl 

SOME OF toe London Metal 
Exchange's largest customers 
have protested at suggestions 
th at the proposed reforms to 
the market might he amen- 
dede to bring the exchange 
closer into line with other 
commodity markets. 

Representatives of the In- 
ternational Wrought Copper 
Co uncil, a manufacturers 
association, and of important 
copper mining and smelting 
companies voiced their con- 
cerns at a meeting this week 
with LME officials. 

They insisted that the clear- 
ing system which the ex- 
change Is introducing on 
on May 29 to replace its exist- 
ing prineip&T-t ^principal mar- 
ket should allow for contracts 
to be settled for cash only 
when they mature. They re- 
jected a proposal put forward 
last week hy Amalgamated 
Metal Trading, an I -ME trad- 
ing member, which urged the 
introduction of a market in 
which price differences are 
covered by cash margin pay- 
ments on a daily basis — - as 
happens on almost every 
commodity exchange 

The IWCC said such a 
chang e would remove many 
ot the LIHE's unigue advant- 
ages and make it indistin- 
guishable from other markets 
which were not orientated to- 
wards trade clients. “ The 
LME has to decide whether 
dealer convenience should 
take a higher priority than 
customer satisfaction.” 

The IWCC said that an 
assurance that the new sys- 
tem would be permanent 
would remove industry fears 
of uncertainty resulting from 
an endless process of review 
anj change. 

The IWCC's protest indi- 
cates that the argument over 
the shape of the USE is 
likely to run along after the 
clearing house is Introduced. 
Under pressure from trade 
clients, brokers have wanted! 
to keep change to a minimum. 
But if AMT is right, finan cial 
considerations might force 
them to adopt full cash dear* 
lng in the not too distant 
future. AM T says that cash 
clearing will be cheaper to 
run than the LHE’s hybrid. 


US hint on 
cheap grain 
for Moscow 

By Nmejr Dunne In Washington 

HR CLAYTON YE UTTER, 
the US trade representative, 
has become the first Reagan 
Administration official to pub- 
licly hint that the US may 
succumb to Congressional 
pressure and mice again offer 
subsidised grain to the Soviet 
Union. 

The US offered Moscow 
3J5m tonnes of wheat last 
year under its bonus give- 
away Export En hancement 
programme (EEP), hut the 
Soviets did not boy because, 
they said, the Price was too 
high- 

Speaking at the annual con- 
vention of the Rational Grain 
and Feed Association this 
week, Mr Yeutter said he 
wood support an offer of sub- 
sidised grain to Moscow if it 
were made for “tactica l ” pur- 
poses. 

The EEP, under which the 
Government hands out sur- 
plus grain to be used for sub- 
sidies, was originally aimed 
at markets where the EEC has 
made headway with its own 
export subsidies. Mr Yeutter 
said he would support extend- 
ing an EF offer to Moseow if 
it would help US trade part- 
ners to the negotiating table 
in an effort to end the use of 
export subsidies in farm 
trade. 

The Administration has 
been under heav y pres su re to 
extend the EEP to the Soviet 
Union. 


BY WILLIAM DULLFORCE IN GENEVA 

RUBBER PRODUCING and con- 
snming countries are poised to M§ 
round off the terms of a new 
International Natural Robber 
Agreement (Inra). 

A national holiday in Spain 
yesterday prevented the EEC 
delegation from receiving the 
last governmental approval to a 
compromise over the conditions 
for ratifying the new agree- 
ment. But Spanish consent is 
expected this morning. 

Under the compromise gov- 20C 
enunents of importing countries 
accounting for at least 75 per 
cent of net imports and produc- 
ing countries responsible for 75 
per cent of net exports have to 15c 
ratify the new Inra before it 
can become operative. 

The new Inra partially meets — — — 
the importing countries* demand . . . 
for a more market-orientated 
price adjustment median ran ’ 

and satisfies the producers* 
insistence on retaining a floor 
price that assures growers of a 
return on their investment. . 

Mr Manaspas Xu to, the chair- a 
men of the UN robber confer- und 
ence, said it balanced the once 
interests of both sides, bad put Malay 
aside short-term interests in kilo, v 
favour of mutual benefits in the &Uy b; 
longer run and would prevent the da 
the " boom-or-bust " syndrome bason 
from appearing in the $3.36bn the ii 
a year world rubber business, the si 

A producing country delegate review 
said that with the present atinte 
supply and demand situation of 18 
for rubber, the price range to A ci 
be defended by buffer stock lower 
buying and selling in the new of 150 
pact represented a lesser evil. when 

Ur Juergen Brandeburg, the presen 
chief West German negotiator, tonnes 
said the agreement gave con- was a! 
sumers more f/aque&t price Inst' 
reviews and scppe for wider When 




"buvaaj.’zoNE 


'mm 


1 


bbssqm 

"MffiTBUrzorE 


CJ — 
SO 1981 


adjustments in the current 
Inra. C onsu mers remember with 
some bitterness the 1 per cent 
adjustment in the buffer stock 
reference price they had to 
swallow in 1982 after calling for 
a full 5 per cent cut. 

Under the new Inra the refer- 
ence price, set at 201.06 
Malaysian/Singapore cents a 
kilo, will be adjusted automatic- 
ally by at least 5 per cent when 
tiie daily market indicator price 
has on average remained beyond 
the intervention levels during 
the six months before a price 
review. Reviews will take place 
at intervals of 15 months instead 
of 18 months. 

A consumer demand that the 
lower indicative, or floor, price 
of 150 cents a kilo be changed 
when the buffer stock, at 
present just under 360,000 
tonnes, reaches 450,000 tonnes 
was abandoned. 

Instead it was agreed that 
when the stock reaches 400,000 


EE C lifts sugar export subsidy 


BY TM DICKSON IN BRUSSELS 

THE EEC has agreed to sub- 
sidise exports of 60,000 tonnes 
of European sugar at slightly 
higher levels than a week ago. 

Such decisions have been 
watched more closely in 
Brussels since producers an- 
nounced earlier this month that 
they were ottering the Com- 
munity almost lm tonnes of 
surplus sugar at the guaranteed 
“ intervention n price of 
Ecu 54LB per tonne. 

This was widely seen as a 
co-ordinated action by French, 
West German, Dutch and 
Belgian traders designed to 
embarrass the European Com- 
mission, which under the rules 
of the market regime. Is 
obliged to accept the consign- 
ments provided they match up 
to the required quality 
standards. 


The protest is aimed at forc- 
ing an increase in the level of 
weekly export subsidies which 
make up the difference between 
the protected European price 
and the lower world price. 

The Commission, which 
points out that world prices 
have been rising since the 
he ginning of the year thereby 
narrowing the gap, does not 
accept this analysis and resents 
what it considers to be blatant 

hJa rJrmaiJ. 

An official last night said that 
this week’s export tender bad 
been “a perfectly normal pro- 
cedure.” The subsidies agreed 
were at a level of Ecu 44.8 per 
tonne, compared with Ecu 43.9 
last time, but “there was no 
direct relationship between the 
fixing of this amount and the 
threat from certain operators.” 


Sarawak’s pepper crop gamble 


BY STEVEN BUTLER, RECENTLY IN SARAWAK 

FARMERS throughout Sarawak. — — — — < 
the Malaysian state on the SARAWj 

island of Borneo, are gambling PROD 

that the price of pepper will 
remain sufficiently high in VB 

coming years to justify an war* 

increase in the crop. 12^ 

Sarawak was once the biggest 
pepper producer in the world, 19S4 
with a high of 36,118 tonnes in 1983 
1979. But production has fallen 1982 

dramatically. It dipped to 15,000 1981 

tonnes last year, leaving the 1980 

state in fourth place behind 1979 

Indonesia, India and Brazil. — — — — — ■ 
Pepper production in other * Pro jec 

Malaysian states is not signifies s« 

ant. 

The Sarawak .Banners are busy ■ ■ — 

driving thousands of hardwood 
pedes into the ground to support p 311 I" 30 * P 
the young pepper vines, which harvested earl 
will not begin to produce for Now with 
about three years. Each pole ranging betw< 
costs about M$8—- about half the MJ1,000 (£235 
price they will get for the dred kgs foz 
annual yield from one mature compared wit) 
vine when prices are good. late 1970s, fa 

About a third of Sarawak’s ted to expam 
pepper production is white about 20 to 30 
pepper, which commands a ing to Mr 1 
price 30 to 40 per cent higher Abdul Aziz, 1 


SARAWAK PEPPER 

PRODUCTION 


(tonnes) 

1487* 

17,000 

1986 

15JMG 

1985 

19,070 

1984 

1A502 

1983 

23,491 

1982 

25,010 

1981 

28A96 

1980 

30,709 

1979 

36,118 

* Projected 


Source: Sarawak Pepper 
htarkatlng Board 


than black pepper, which is 
harvested earlier. 

Now with local prices 
ranging between M$900 and 
M31,000 (£2354250) per hun- 
dred kgs for blade pepper, 
compared with M$200 in the 
late 1970s, fanner are expec- 
ted to expand production by 
about 20 to 30 per cent, accord- 
ing to Mr Mohamad Sharifi 
Abdul Aziz, general manager 


of the Pepper Marketing 
Board. 

This is considered a cautious 
reaction. As farmers were cut- 
ting pepper production over 
the last six years, they were 
gradually planting more cocoa. 
Local cocoa prices have been 
quite firm recently, and cocoa 
requires far less care than 
pepper. Mr Sheriff does not 
believe that Sarawak farmers 
are likely to cut cocoa plant- 
ings, but rather will find fresh 
land to expand pepper produc- 
tion. 

Pepper prices began to rise 
in 1983. When prices more than 
doubled during 1985, farmers 
brought out all their stocks and 
sold them. This accounts for 
the fall in sales during 1986, 
at a time when prices were 
high. Any increased sales in 
1987 would have to be based 
on increased production. 

About 60 per cent of Sarawak 
pepper is shipped to Singapore, 
from where it is distributed 
around the world. The Soviet 
Union is the largest purchaser 
of black pepper from Singapore. 


India aims for tea sales revival 


INDIA, THE world's largest 
producer, consumer and ex- 
porter of tea, is leaning over 
backwards to please foreign 
buyers as it tries to reverse the 
recent self-inflicted downturn in 
overseas sales. 

In days past it has tended 
to take overseas markets for 
granted, imposing, as it did in 
1983, export restrictions not 
only on volumes but also on 
categories. Tut now all curbs 
on exports are gone and trade 
delegations have been reculti- 
vating traditional outlets in 
Europe, as well as markets Hke 
the US, where India sees poten- 
tial for expansion. 

The drive for increased tea ex- 
ports continues to be tempered 
however, by the demands of the 
home market, which Is growing 
by 5 or 6 per cent a year. In 
1986 domestic consumers took 
430m kgs out of a production 
total of 630m kgs, and the 
country could have been faced 
with shortages had there been 
no carry-over supplies from the 
previous year. 

Another constraint is provided 
hy the world supply/demand 
balance, which appears far from 
encouraging at the moment. 
yfi&i the Middle East and 


Western and Western Europe 
currently overstocked with tea, 
it Is unlikely that the world 
supply/demand gap will amount 
to more than 20m kgs this year. 
The Soviet Union and Eastern 
Europe are already buying 40 


it did in 1986— if it is to achieve 
an export average of 215m to 
220m kgs a year. 

The gap between India’s 
foreign income and expenditure 
Is still far too large, and tea 
export earring* are crucial in 


P C Mahanti on the leading 
exporter’s renewed sales drive 


to 45 per cent of India's exports 
and probably cannot take any 
more. Western European con- 
sumption is unlikely to rise 
significantly— espeaaUy with a 
falling population in tea-loving 
Britain — and scope for farther 
growth in the Midle East seems 
to have run out; for the time 
being at least 

At the same time importers 
are becoming increasingly 
quality-conscious and are turn- 
ing their backs on the poor 
quality tea ufeu* has flooded 
world markets since 1983. A 
substantial proportion of unsold 
stocks is believed to consist of 
this “ muck,” as the tea trade 
calls it 

India must concentrate, there- 
fore, on quality grades— just as 


the struggle to stay out of the 
debt trap which has ensnared 
Brazil and Mexico; IQ view of 
the limited potential for in- 
creasing export volume India’s 
best hope for boosting tea's role 
in this struggle Is to pruhnwv, ex- 
port values. 

To this end India has been 
active in seeking agreement 
among producers on setting a 
minimum export price for tea. 
But although the producers 
have supported the principle, 
consensu^ on the price .to be set 
has so far eluded them. The 
Gsttt and toe UN’s Committee 
on Trade and Development 
(Unctad) have been working, 
meanwhile, for toe creation of 
a price-stabilising international 
Tea Agreement, which would in- 


volve consuming countries as 
well as producers. But tfceir 
efforts have foundered on the 
basic problem of how to deal 
with surpluses in bumper crap 

years. 

Another way of boosting 
export earnings is to add more 
value to the tea before export 

India’s value-added tea ex- 
ports were launched, with some 
success, at the height of toe oil 
price boom. With toe Middle 
East countries proving keen 
buyers, sales quickly climbed to 
about 100m kg. The early 
promise was not fulfilled, how- 
ever. Competition from Sri 
T-auka, which has managed to 
export some 9 0 per cent of its 
tea in value-added form, has 
helped to depress India’s pro- 
portion to only 10 per cent. 
There was a flicker of hope in 
1985 when the quantity rose to 
27m kgs, but last year it slipped 
back to 21m kgs. 

The Government has been 
showering incentives on value 
added tea exports. These have 
included bigger cash compen- 
satory payments and exemption 
of packet tea from excise duty, 
as well as brand campaigns for 
products in selected overseas 
markets. 


LONDON 

MARKETS 

EASIER sterling against the 
dollar lifted all toe London 
Metal Exchange’s base metals 
markets yesterday Cato 
Grade A copper ended £7-59 
up at £9ML50 a tonne, cash 
zinc edged £2 higher to 
£453.50 a tonne and cash 
nickel regained most of 
Wednesday’s fall, with a £20 
rise to £844 a tonne. The 
biggest rise proportionately, 
however, was in aluminium, 
where the cash position 
advanced £19 to £844 a tonne. 
An early mark up in alumi- 
nium prices was attributed 
chiefly to the c u rrency factor. 
But toe rise triggered a re- 
newal of toe covering against 


INDICES 

REUTERS 

MBfClSMarT lBMtfi 

252 L.7 llfiS AJl ) 3977.0 }TbQLS~ 
"fBaie: Svambar IB 1331 “ 100 ) 

DOW JONES 

Dow » War. ' Star, j SKO row" 

Iona* 17 j 18 ! ago | ago 

Spot 115^*115.74 - 

put . 113 . 39113 . 53 , — t 133 -SO 


main price changes 


METALS 


rw vTjirTi. 


ations which has been a 
feature of the aluminium 
market in recent weeks. Fears 


tonne*, toe buffer stock manager 
will defend toe floor price by 
buying at 152 cents to build up 
a 150,000 -tonne contingency 
stock. 

The price range within which 
tile stock is now managed will 
be taken intact into the new 
Inra. At the intervention levels 
15 per cent from the 201.66-cent 
reference price, the manager 
may start buying or selling: at 
toe trigger levels 20 per cent 
from the reference price he is 
obliged to intervene on toe 
market. 

Indicative prices setting the 
floor and ceiling of toe range 
at toe 150-cent and 270-cent 
levels do not adjust to toe re- 
ference price and can only be 
altered by toe council of toe 
International Natural Rubber 
Organisation at intervals of 30 
months. 

Borrowing to finance the buf- 
fer stock or contingency stock 
is not possible in the new Inra. 


ing In the ^ premium over 
three months from £35.59 a 
tonne to £45.25 a tome. 

LME prices supplied by 


Mar. 18 + or Month 
1887 — 880 


+7.6 !£S36.fi 
-f.6JKeflSl.2a 


8404.85 


78 ]+0J8}£300 


ALUMINIUM 




■■nCiV-.r I j.rT 

! i. j-gfiii 

!np5 




ufUnZm. 


F *// 7/ 



nofftoM + or 


£ per tonne 


gug&r (raw) 


Cash 
3 months 


Official closing (am): Cash S14&-5 
(914-5), three months 8980 (89445-6), 
sottlomem 915 (ssms). final Kerb 
clots: 895.5-6. 

C»h n<lard 856-7 +7 }B38/a50 

3 months 865-70 +3.5 j — 

Official "dosing (am): dash 843-60 
(843.5 -50), three months 883-5 (asms), 
settlement 850 (HIM). US Prod UCS r 
prices: 66-50-70 cams a pound. Total 
Turnover: 50.025 tonnss. 


t Unquoted. t Psr 754b flask, o Cants 
a pound. * Cotton outlook, v April, 
z March-ApriL x April*Msy. jr May. 


COFFEE 

Aobuetu era dad Zb tow volume and 
narrow nmgss. reports Drsxal Burnham 
Lam bart. Daalars remained gsnsrelly 
sidallnad in anticipation of s ata tst nan t 
from Brazil's coffee council and a pro- 
ducers' mss ling in Nicaragua this 
weekend. 

r Ntantay + or? Business 
do t s — I Dona 


US MARKETS \ 

FAILURE Of the ApriHHDtr 
spread In crude dl future 
to widen prompted ffertbe 
liquidation in toe April etas 
tract, reportsDrexel Burnhari 
Lambert After openln 
higher against firmer cask 
prices, profit-taking and trade! 
selling kept the market \ 
under pressure in the face of 
intermittent abort-covering 
rallies. Geld, silver and 
platinum futures were , ex- 
tremely lacklustre, trading 
In narrow ranges throughout 
a day dominated by the loads, 
fit copper, however,: early 
fund-type buying pushed the 
market thrangh overhead re-, 
afstanee commencing _63J86e, 
basis May, where trade sell- 
ing emerged to take the 
market to' the - lows. Fresh 
buying towards the dose took 
prices back off the laws. 
Origin selling was noted in 
coffee futur e s taut short- 
covering on continued reports 
of * possible producer -.meet- 
ing this weekend steadied 
prices. Cocoa opened lower 
but trade and ■ commission 
house buying saw toe nearby 
May position, move to a pre- 
mium over forward months* 
Early commission house sell- 
ing- eased sugar -futures .hot 
trade support was uncovered 
at the Iowa which, combined 
with fund buyin g, steadied 
prices in. Britt volume. 'The 
grains markets were.. quiet; 
consolidating - after, mnt 
movements. In, the meats 
peak teUSes moved to Unfit-.: 
up on anticipation of tight 
supplies, while to the hogs 

. continued firm cash premiums 
kept the market steady. • 

NEW YORK 


ALUMINIUM 49X00 Lb. awns/fb 


»-20 67-90 68 AS G8JO 

57 js eras — — 

57.05 56.78 — — 

May 67.06 56.75 — — 

July 57X6 56.76 — — 


HEATING OIL 

(IS S 6 lle(w- cMH/USgmna 




JLf.v.l-w'rEaSBE 


I Ku&tiS 





min. csnt»/9K-b buahol 


He added: "We are keen to 
see export going well and the 
European surplus cleared in this 
way.” 

A final decision over the near 
lm tonnes offered for “interven- 
tion” — most of it by Paris 
traders — does not have to be 
taken for another ten days. An 
intervention system for sugar 
has been in place since 1968 
but it is rarely used and at the 
moment there are only small 
quantities in Italian stores. 

Traditionally, Europe's sur- 
plus sugar has been exported 
rather than going into stores 
like butter and beef at (ulti- 
mately) the Community’s ex- 
pense. The Commission is re- 
versing the right to sell the 
quantities being offered straight 
back onto the European world 
market 




Official closing (are)! Cash 2.350-5 
(Z340-5). three months 2^68-9 pUSS- 
80). settlement Z.3SS (2^45). final Kerb 
close: 2J62-5. Turnover: 504 tonnes. 


ZINC 


per tonne 


March 1877-1 281 

May 1387-1298 

July 1536-1327 

Sept 1544-1346 

Dec- 1370-1572 

March 1393-1598 

May. ~A 1415-1418 


1281-1274 

1284-1296 

1829-1821 

1268-1841 

1175-1888 

1401-1882 

1419-1412 


1&87 

IBM 

wjw 

«.» 

15J9B 

TAM 

1 U1 

16-40 

ms 

15-44 

IfiJO 

1 UB 

1SJSZ 

18X6 

U42 

18.75 

16.72 

VLSO 

ML30 

ta.es 

■WTO 




Cash 
3 month* 


a BSKBia s 




I.yj iv 




| fWt] 3^ J 
















iMt_nraMU~n 







SaSKB I 


E33BCTEm ESSI 


i 

■3 

*! 

TT* 


i 

90.01 


£ 

M 



i 

08,6 


TT 

N 

u 


19930-128J0 

i 

27.81 

£ 

■ 

tei 

lH 

969 ri.M8! lota Of 40 tonne 


ra 

JIL' JJLJJ 


yyff Hi g* 








^ l •l.r Si * 









SILVER 

Silver mi fixed 0.3p an ounce 
higher for spot delivery In fire London 
hinuon market yutardty « 347.6p. 
US cent equivalence of the fixing lev ale 
were: Spot S6.Sc. down 1.1c; three- 
month 565 Ac. down 1.3c: alx-month 
674.40, down 1.25c and 12-month 
692.1c. down 1.3c. The metal opened 
at 346-3480 (556-6B8c) and cloood at 
34SV347^p (E64-556C). 


SILVER Bullion 
per Fixing 
tray ex Prion 


547.60P 







-T¥~tWr: 









YufrdyV+er 


£ per tonne 















SE3VS 


n 





















d» 






































1 




20 



§! $Y 

§! |l | 

J*4.± ^s &! 

£lrb>o 



B SS Ut 

i S!« S?3 

:J f 23 -? J t> 

* *5 ? 

« *5 **i! 


f- ^ _ 


f s> 


_ -s» 


• iff 


7-r r 


^5! 

TJ * 

" ii. ■ 

•i* 

T? " 

ma % 1 

ru 

v- . 

■•A 

•t: 


' " ; 

'T . 

ITT- 

" . « 

■£: 

’ If. 

B *r 

*5. 

■ “z 

•TT" 

■z: 


c *c t w^>: 


'(.mr. •*. « "!» 


■i-*! 

! s ■•' 




1st 
•:S 
1 . 5 
•-S 


&.L* -■ .- 

.*■ -v 




.S' 


tea » 

:«■■ 


Z? 

3- • 
?•* * 



i -• 






rt-O v " ••>•:- 

rpf .v. ; 

s - : a : : :• : 


(Mur'^ * .* 

-- , ~ ; 

■**&£ . ... j. r-' , ■ • 

»*■**■ ' ■ +'- 


Financial Times Friday March 20 1987 

CURR ENCIES, MONEY & CAPITAL MARKETS 

FOREIGN exchanges 

Pound up from early lows 


frajH-ING RECOVERED from 

JJSJ?" 5 $ CttrTenc y marSSt 

SSS; 87 * «£ °P«Bed sharply 
“® towugn investors took 
profits. This follow*** 

82^5; autlfortties had aSp^J 
UmIt on sterling in mi^H **** 

4JS*S25“ «£ ft,nslgn 

tore paused for thought and this 
ggj Py . *»— Profit taking 
However the pound retained tts 
b^ish undertone with speculi 
looking for a Conservative 
general election, 
a addition demand for sterling 
*ras enhanced by overseas 
demand for UK gin stocks and 
equities. 

. 3* 1 ® ..Peeed's exchange rate 
uidex finished at 72.3 which was 
a °2 n 2Lr2 m “5 opening level of 72^5 
and Wednesday's close of 72.6 but 
ap from the day's low of 72 . 1 . 

Against the dollar, the pound 
dosed at $1.6035 from $1.606011 
2?* a weaker against 

^2sn Y f^ Z75 v Mmpared with 
y244.a Elsewhere it finished at 
9-7850 from FFr 9.8125 and 
SFr2.46 from SFr 2.47. UK money 
fwpply figures appeared to have 
little effect on trading. 

The dollar finished slightly 

£ IN NEW YORK 


A B ft*S e 66y “ <rery IJOiet 
eroding A 0* per cent rise in US 

personal income in February and 
« 1-7 per cent gain in personal' 

?2lP , S- ptio .“ a PP® a rod to provide 
little stimulus and there was ear- 

wfoly no renewed incentive to 
test central bank resolve to keep 
7 U S unit steady. The dollar 
* DM 1*335 from 
* a £ Y15L45 from 

^^Elsewhere u RnishBi at 

tkwi m&iun and 
licHSS „ compared with 
SFr 1*380. On Bank of England 
fibres, the dollar’s exchange rate 
index Tell to 103.1 from 103.3. 

D-MABK— Trading range 

*«■““* the dollar in 298647 Is 
*•*** ‘•J-JW#. Fefaraary average 
1-8234. Exchange rate index i«7J8 
agains t 141* six months ago. 

., Ti L ere j w 7 5 no intervention by 
the Bundesbank at yesterday’s fix- 
ing in Frankfort when the dollar 
wm fixed at DML8336 from 
UM 1-8371 previously. Trading was 
extremely dull and lacklustre 
with the dollar confined to a nar- 
row range because of fears of cen- 
tral bank intervention. The dollar 
closed at DM 1.8330 from 
DM 1*375 on Wednesday night 


JAPANESE YEN— Trading range 
against the dollar la 1986-87 Is 
202.70 to 151*0. February average 
153*6. Exchange rate index 2il* 
against 217* six months ago. 

Trading provided very little 
excitement in Tokyo yesterday. 
Once again the dollar remained 
confined to a narrow range as the 
market could find no incentive to 
tty and overcome central bank 
resistance at either end of the 
dollar’s current narrow trading 
range. 

The dollar closed at Y15L60 
compared with Y15L85 In New 
York and Y151.90 in Tokyo on 
Thursday. 

NIGERIAN NAIRA— The naira 
continued to lose ground against 
the dollar. Alter yesterday’s auc- 
tion in Lagos, the dollar was set at 
4.0002 compared with 3*999. This 
shows a devaluation by the naira 
of over 60 per eent since the auc- 
tion was introduced last Septem- 
ber. The effective rate for transac- 
tions which includes a 0.5 per cent 
lev; by the central bank was 
4.0203 compared with 3.9192 the 
previous week. The whole S50m on 
offer was allocated alter bids 
which totalled £65.8m. 


EMS EUROPEAN CURRENCY UNIT RATES 


Mar 19 

latest 

Previous 

Close 

£Spot — 

1 month 

Snndtas 

12 norths 

16005-16815 
0488.45 pn 
224-120 pm 
483-3.93 pm 

26078-16060 
249848 pm 
227-224 pm 
430-480 pm 



Ecu 

central 

rates 

Currency 
amounts 
agnlrat Ecu 
March 19 

% change 
from 
central 
rate 

% change 
adjusted for 
divergence 

Divergence 
limit % 

Belgian Franc 

Danish Krone 

German D-Mark 

42.4582 

765212 

285853 

438546 

7609411 

287613 

•*241 

—064 

+065 

+0.98 

-0.97 

+0.42 

X 15344 
± 1.6404 

X 20981 

Dutch Guilder _____ 

ZJ 1943 

284577 

+134 

+0.71 

± 1-5012 

llnlton Lira 

148368 

147766 

-0.42 


X 48752 


Changes are tor Ecu. 
Adjustment calculated 


therefore positive change denotes a waft 
by Financial Timas. 


currency. 


U.S. dollar. 


STERLING INDEX 


POUND SPOT — FORWARD AGAINST THE POUND 



Mar. 19 

Pimfous 

B30 

am ...... 

726 

724 

980 

am 

7Z.4 

724 

1080 

am 

723 

723 

1200 

am 

726 

725 

None 



722 

726 

‘ 180 

pm 

722 

725 

280 

pm 

722 

724 

380 

pm 

723 

726 

480 

pm 

723 

726 


CURRENCY RATES 


Mar. 19 

Day's 

spread 

Dose 

One modi 

% 

pa- 

Three 

months 

% 

u. 

US 

25955-16070 

16030-16040 

0.480.45 c pm 

348 

135-120 pm 

386 

Canada — 

21055-2.1105 

2109523105 

0540.44 C pm 

279 

233-1.19 pm 

239 

Neth'Unds _ 

330>r333 

331)2-332 *i 

Ih-IH c P« 

452 

Vr-y. pm 

487 

Brig tam 

6061-6130 

60.906180 

17-12 c pm 

265 

40-31 pm 

233 

Dcmark 

1203-1188 

U 8 SI 2 -II 86 I 2 

VH 3 we ifc 

-222 


-1.42 

Ireland 

20930-21015 

21960-18970 

020-037 p 185 

-333 

0.77-1 JO rts 

-3.41 

W. Genoa* . 

297^2-2 W, 

293^2-9412 

1V1% Vt pm 

632 

4V3% pm 

544 

Portugal 

22528-226.72 

22565-22665 

68137 c dh 

-5.44 

257-392 A s 

-5.74 

Spain 

20532-20638 

205.45-205.75 

74-105 c BU 

-525 

207-257 rts 

-454 

haly 

2076-20936 

2092-2093 

4-par lire pm 

243 

81 pm 

0 67 

Norway 

1207V-U3Z 

111 OV 11 31 <4 

3V-4 5 , oredis 

-452 

LPrWjdfc. 

-5.06 

France 

9.72>r98to, 

9.78-9.79 

lV-lte pm 

164 

3V2Vm 

235 

Sweden 

10l23V-1037 

1026-1027 

lV 2 >a«etfs 

-212 

4-4*1 <4s 

-268 

Jnm 

242-2431, 

242V2434, 

lV-ly pm 

556 

%-3pm 

550 

Austria 

2059-2067 

2061-2064 

10V-9gro pm 

560 

26V244ipin 

4.93 

Srtuertate- 

2 44V 2461; 

245V2.4fclj 

lVlcpm 

549 

3V3>«pm 

538 


tor. 29 

Bask 

rate 

’% 

Sped* 

Drawing 

RMb 

. European 
Qumqi 
’ Unit 

Staffing ___ 



0393316 


U 6 .DoAar__ 

55 

226994 

213295 

CanadtanS 

764 

• 

249096 


4 

163594 

145878 


8 

483958 

438548 

Dwdsh Krone- 

7 

8.75814 

780941 

Deutsche Mart 

38 

- 232856 

287611 

Neth. Guilder. 

V 3 

263195 

2.34577 


9i, 

7.75044 

6.90815 

itafianUra__ 

12 

165619 

1477J6 

Japanese Yea . 

»i 

192.904 

172585 

Norway Krone 

B 

839433 

784169 

Spanhh Peseta 

— 

N/A 

345-402 

Swedish Krona 

7h 

813206 

785)99 

Swiss Franc. — 

35. 

294878 

273794 

Greek DrartL - 

20 *, 

170883 

152-427 

Irish Prat -i- 


WA 

0775726 


Btfgfon rate 6 for conrertONe Imoo. RaMdal franc 6L206150. Sb-mooth towwd doff* 222417 e pm 
XZ-month 401-3.91 c pa. 

DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


•CVSDR rae for. Mar. *. 


CURRENCY MOVEMENTS 



Oar's 


L5955-L6070 
1A570-1.4608 
L3130-L31W 
2069050730 
37.95-38^6 
M8V4.9(H« 
LB2934A355 
MHi-MUt 
i»M.iaiw 
1301-1306 
.. _ MMr&B 

-foooveiniz 

13&D-15U5 

12AV-12fl8h 

15330-13355 


10030-10040 


L4575-14SS5 

15150-1J160 

20705-20715 

37.95-3805 

609^*0.90 

10330-10340 

141-1411* 

Vi 

130M,-03£W* 
.. 6.^r6.98 
*' 630050b 
1 &4O4y40b 
151M-13150 
1207^.1238 
15340-15350 


One mandl £ 


0.48-UASc pm 
0.94055c pm 
015009c * 
OJftOJ5cpm 
Me* 
2004.70are dJs 
(WOOJTpf pm 
65- 125c tbs 
90-100 c ( 8 s 
2-3) Ire Ss 
435-4550fe db 
0500.90c & 
2.75-305are db 
028055* pm 
250-250yepm 
030025c pre 


348 

756 

-064 

0.96 

-053 

-459 

252 

-8.94 

-858 

-250 

-7.97 

—157 

-544 

220 

220 

225 


Three 

nurds 


125-1 70mm 
245-220 pm 
050054 db 
055050pm 
59 As 
670-7.40 As 
124.159 pm 
270-350 As 
245265 As 
7-9As 
1358-1430AS 
2X7-272 db 
755.755 As 
055000 pm 
650450 pm 
09841.93 pm 


356 

637 

-067 

151 

-074 

-459 

243 

-759 

-7.95 

-246 

—822 

—1-70 

-455 

rw 

156 

249 


Mardl 19 

Bare of 

Mw9» 
Grantsy 
Chang* % 


723 

1831 

792 

1302 

1001 

938 

1472 

1726 

1346 

728 

481 

2125 

-224 
-42 
-913 
+103 
-4.4 
+38 • 
+216 
+216 
+148 
-12.7 - 
-168 
+57.7 

ILS. Hotter 

Croatian DoHar 

Austria! SdtiBng — 

BefotauFoK 

Dartsh Krone _ — 

Deutsche Marie 

Swiss Franc 

French Franc 

Ura 

Yen- 


t U K mA 'refond m hi US cmreewL Fervard preratans nd Ascounb apply » the US dollar and not 

to UK MhAkal amney. Befobn rate b foe cnonenftte Inna. Ftoandai ha 3825-3626 

EURO»OIRRENCY INTEREST RATES 


Morgan Guaranty changes: average 1980- 
1982-100. Bank A Ewjteaj Imfcx I Base average 
1975*1001. 


OTHER CURRENCIES 


Mar. 19 

Short 

term 

7 Days' 
notice 

One 

Month 

Three 

Montes 

Sis 

Mouths 

One 

Year 

Surfing 

10VHP* 

10 A- 1 Q& 

9V10 

«A-9tt 

9V93* 

9V9H 

ILS. Qatar 

5V6 

6 i- 6 * 

Wrhij 

6 V 6 »a 

6 V 6 »y 

6,164 

Can. Dollar 

6V7 

6V7 

6V7 

6U-7A 

7-71, 

7V7I» 

0. GaUder ___ 

5V5Jj 

5V5«a 

5V5ij 

5V5»2 

5V5»z 

5V5ii 


VI 

H 

4A-4& 

3V» 

3U-38 

3S-3U 

Oeutsriunart _ 

3«-3« 

38-3% 

3 V< 

3V» 

3U-4A 

4i-*% 

Fr.FrraC___ 

BVW* 

GW* 

7V« 

7VB 

7V8 



8-10 


8 VW 4 

. IW 

991* 

9V»* 

B. Fr. (FlnJ — 

7V7% 

7V7H 

7V7»2 

VtrVi 

7*4-74 

7*4-71* 

B.Fr.(Cool__ 

7V7S 

7V7* 

7V7»a 

7V7«. 

7V7% 

7V7% 


4V«* 

4V44 


4i-«« 

«V44 

4V»A 

D. Krone 

iovio% 

uvm 

iovui. 

iovui* 

lovm. 

lOVWa 

AstaoStStegJ . 

ZVlfe 

N/A 

3*i-3& 

3.1-3 A 

3A-3fi 

3V-3* 



245902-4705 

2339023365 


32.4775-326665! 
[73995-75120 1 
1 21350-21750 1 
124940-125015] 
um 11570* ^ 
136375-137350] 
O443704M44W 
■ 60.90-6150 ■ 
1747301754^ 
1 45390-45440 1 
2858025680 
65003^-0090 
3.43053*350 
33260-33490 
52540^.4^0 
55305550 
58795-588501 


13350-13410 

14565-14575 

202720-203730 

4.4945-4.4965 

13120-13530 

77990-78010 

7200* 

84840-85530 

027720A27740 

37.95-3805 

108800-109100 

25Z1523235 

17840-17875 

17500-3.7510 

22415-22435 

2083521B75 

327B5-33900 

34.45-3436 

16725-34,736 


UnHenn Eurmtsilavs: Two years 64»-7 per cent; three yaars 7-7*^ per cent; tan years 7V7*« 
per seat; five yew 7b-7b per cent nomtoaL ShocMenn rates are call for US Dollars and Japanese 
Yea; others, urn days' WtJce. 

EXCHANGE CROSS RATES 


Mar. 19 

£ 

* 

DM 

YEN 

F Fr. 

SFr. 

H FI. 

Ura 

CS 

B Fr. 

£ 

2 

2604 

2.940 

2428 

9-785 

2860 

3120 

2093. 

2110 

60.95 

S 

0624 

2 

1834 

1525 

6103 

2534 

2871 

1305. 

1316 

3880 

OM 

0340 

0345 

2 

82-57 

3328 

083/ 

2129 

711.7 

0718 

20.73 

YEN 

4119 

6606 

1211 

IOOO 

4031 

1013 

1368 

B620 

8892 

2511 

F Fr. 

1822 

1639 

3805 

2481 

10 

2514 

3393 

2138. 

2156 

6289 

SFr. 

0407 

0652 

2195 

9888 

1978 

2 

1350 

8506 

0858 

24.78 

H FL 

0301 

0483 

0886 

7312 

2.94? 

0741 

2 

6303 

0636 

1036 

Lira 

0478 

0766 

2405 

1168 

4676 

1176 

1587 

100 a 

1808 

2913 

CS 

0474 

0760 

2393 

1158 

4637 

1166 

1573 

9917 

2 

2089 

B Fr. 

1641 

2631 

4824 

3983 

1685 

4836 

5.447 

3433- 

3.462 

IOO 


■ SeMagmte- 


Yen per 1000: French Fr per 10: lira per 1000: Belgian Fr per 100. 


FINANCIAL FUTURES 



39 


Long gilts recover 


VOLUME OF trading in long term 
gilt futures remained good, but 
fell back from Wednesday’s 
record level, on the London Inter- 
national Financial Futures 
Exchange- 

Traders were encouraged by the 
ability of the contract to hold on to 
recent gains, in spite of a general 
move in fevour of selling at pre- 
sent levels. 

June delivery long gilt futures 
opened weaker at 126-06, on 
suggestions that the contract had 
been overbought after the Budget 
and recent encouraging news on 
the UK public sector borrowing 
requirement. Dealers said gilt 


fotures were discounting all the 
recent good news and the June 
contract was moving towards the 
important technical level of 136- 
00 . 

The temptation to sell was offset 
by news that the Government is to, 
sell its remaining 32 per cent 
stake in British Petroleum, and by 
Japanese buying of gilts during 
Tokyo trading 

Salomon Brothers were also 
reported to be keen buyers at the 
126.00 level and June long term 
gilts recovered to close little 
changed on the day at 126 - 10 , com- 
pared with 126-11 on Wednesday. 

Dealers commented that the UK 


bank lending and money supply 
figures were within the range of 
most forecasts and had little 
impact The rise of 2.25 per cent in 
February M3 money supply, com- 
pared with LI percent in Januaxy. 
was higher than expected, but the 
trend in MO and bank lending was 
encouraging. 

June three-month sterling 
deposits suffered similar press- 
ures to the long gilt contract, 
including an early weakening of 
sterling. Alter opening lower at 
9LQ0 short term deposits fell to a 
low of 90*5 and closed at 9L01. 
compared with the previous 
settlement of 91. 03. 


UFFE LORE GILT FUTURES OPTIOHS 


UFFE US TREASURY BOND OPTIONS 


UFFE FT-SE 100 WOEX IUIUMS OPTIONS 

Strike 

Cads — Last 

Pats — Last 

Strike 

Calls— Last Pea — Last 

■m 

Calh Last 

Puts-Last 

Price 

Auie Sept 

June 

Sett 

Pn» 

June 

Se« June 

Sett 

■Z9 

Mar 


Star 


112 

1481 1425 

981 

009 

92 

836 

604 OOO 

0.16 

19000 

980 I486 

080 

046 

114 

li.U I9H 

D82 

017 

94 

657 

621 081 

033 

19250 

732 1187 

082 

077 

116 

1027 10.45 

087 

029 

96 

*60 

4.49 004 

021 

19500 

4.91 

982 

0-U 

122 

ns 

834 980 

014 

048 

98 

306 

328 016 

140 

19750 

278 

7.9S 

048 

185 

120 

642 727 

922 

111 

100 

1.43 

223 051 

75b 


123 

628 

143 

258 

122 

582 563 

0.46 

1.47 

102 

0.46 

134 134 

3.46 


0.40 

434 

330 

3.74 

124 

141 4.46 

121 

230 

104 

035 

060 323 

5.08 


089 

353 

529 

583 

126 

230 3.41 

210 

325 

106 

004 

035 512 

647 


081 

255 

7.71 

655 

Estimated volume total. Cobs 3101 Pies B7H 

Estimated return* mtaL CaBs 40 Puts 0 


Estirvnrfl rotasw totaL Calls 10 Puts 20 


Previous day's opto tat: Calls 18830 Pirn 10660 

Previous days open life Cabs 330 Puts 247 

Previous day's spaa sfe Cafis 757 Pins 677 

UFFE US OPTIONS 





LONDON SC M OPTIONS 





05600 (cents per a) 





£12300 (cents per £1) 






Strike 

Calls— Last 



Pots — last 


Strike 

Calls— Last 


P«s— Last 


Price 

Apr. May June 

Sept. 

Apr- 

May June 

Sept. 

Price flpri 

May 

Jooe 

Sett- An* 

May 

Jane 

SepL 

130 

- -- 3020 

3020 

raw 

— 0.00 

082 

135 - 








235 

- — 2520 


ra- 

— 000 

010 

1.40 - 



_ « . 


_ 


L40 

2020 2020 202C 

2020 

nna 

ODD 084 

032 

1.45 - 




•TO 




1.45 

1520 I5-2Q i52fl 

1520 

firm 

002 019 

084 

150 KL5C 

1050 

1050 

10.70 030 

055 

080 

1.90 

160 

1020 1020 1020 

1020 

080 

018 069 

185 

155 53( 

5.70 

620 

780 050 

120 

L90 

350 

165 

520 533 5.95 

661 

015 

0.90 1.90 

356 

160 1.7( 

255 

310 

4.40 280 

335 

3.90 

580 

1-60 

142 229 3J7 

410 

184 

286 412 

*04 

1 85 0.5£ 

185 

645 

250 555 

690 

720 

980 

EstUtiauc 

otae total. Carts 55. Pots 2S 




Previous day's open life Can 853 Puts 649 




Previous tiqTs open im. Carts 862, ruts M08 



Vohane; N/A 







PHILADELPHIA SE US OPTIONS 




LtfFE — ditto DOLLAR OPTIONS 





02600 (carts pm El) 





Sin notes of 100% 







Strike 

Price 


Cabs— Last 
May Jure 

Sett. 

Apr. 

Puts— Las 
May June 

Sept. 

Strike 

Price 


Calls — Lass 
Sett. Dec 

Uar. 

Juae 

Puts— Laa 
Sett- Dec 

Mar. 

L400 

1940 

— 

19.70 

1970 


— 

n?n 

030 

9380 

061 

067 

06b 

_ 

082 

007 

033 


1.450 

14.45 

14.70 

15.70 

24.70 

— 

005 

0.15 

080 

9325 

039 

0.47 

0.48 


085 

012 

0L2O 

_ 

1.475 

1220 

I’M 

12.40 

22 711 

— 

0.10 

030 

120 

9350 

021 

031 

033 



032 

021 

nu 



1500 

945 

9.70 

1080 

1030 

085 

020 

050 

180 

9375 

089 

( 1 18 

021 


025 

033 

0.43 



1525 

730 

735 

745 

885 

QOS 

D50 

0.90 

240 

9480 

pm 

rim 

032 

w 

044 

050 

059 


1550 

420 

520 

5.70 

640 

035 

180 

150 

310 

9425 

081 

084 




067 

069 




1575 

270 

350 

430 

580 

0.75 

180 

230 

4.40 

9450 

080 

082 

— 

— 

0.91 

0.92 

— 

— 


Pnwtcos Bay's ope* life Calls To, 966 Pub 39,058 
Ptevtaui Bar’s volume, Cain 7 J73 Puts 37 

LONDON 


Previous Say's Open tat; CaOs 375, Puts 510 
EsUnOwi volume. Calls 5, Puts 5 


CHICAGO 


20-YEAR 12% NOTIONAL SILT 
£50300 32tob sf 100% 


US. TREASURY BONOS (CBT) 8% 
S100300 3MBt sf 100% 


JAPANESE YEN (I MM) 
Y123a S per Y100 


Close High Law Piw. 
Itoth 12609 126-10 12600 12604 

June 12610 12619 12627 12611 

SepL 12608 — — 12609 

Dec. 12612 — — 12613 

Estimated volume 31,956 (4*267) 

PrevtaiD day's open bn. 19378 (19,060) 


10% NOTIONAL SHORT GILT 
a«LOOO MUn at 100% 


Close HI* Low 
March 103-09 — — 

Estimated Volume 0 (0) 

Prevfaws day's open b)L 64 (64) 


June 

SepL 

Dec. 

Uv. 

June 

Sept 

Dec. 

Mar. 

Jw 

sox. 


Latest High Law 
10242 102-02 101-24 
10029 10030 100-18 
9929 99-30 9920 

9030 98-30 98-22 

9800 9840 9726 

9744 9744 9630 


Pre*. 

101-29 

10025 

9925 

96- 27 

97- 30 
9742 
9648 
95-15 
9424 


— — — 93-16 


Latest High Ln Prw. 
Jwe 06637 06643 06628 06627 

SepL 06676 06676 06670 06665 

Dec. 06718 06718 06718 06704 

Mar. — — — 06744 


DEUTSCHE HARK (IMM) 
OM125JMO $ per OM 


Latest High Low Pro. 
Jme 05 486 03 492 03483 05483 

SepL 05519 03520 05&1S 0.5514 

Dec. 05554 03557 05554 05545 

Mar. — — — 03576 


1049 


ILS. TREASURY BILLS (MM) 
Sla potots rf 100% 


THREE-MONTH EURODOLLAR (IMM) 
Sin patois of 100% 


THREE-NORTH STERLING 
£500,000 points of 10B% 



Ctote 

High 

Low 

Prev. 

June 

9181 

9182 

90.95 

9032 

SepL 

9122 

9121 

9137 

9183 

Dec 

9121 

9121 

9136 

9123 

Mar. 

9185 

9185 

9098 

9024 

Jure 

9087 

9089 

9078 

9085 

Sett. 

9066 

9068 

9086 

9085 


Latest High Low Pre*. 
Jure 94-54 94-54 9947 94-50 

SepL 94-56 94-56 94-52 94-53 

Dec. 94-52 94-52 9649 94-50 

Mar. 94-0 9445 9443 9444 


SWISS FRANC (IMM) 
SFrUSjm S pH SFr 


latest Med Low Pie*. 
Jane 9339 9360 9334 9357 

SepL 9339 9359 9336 9358 

Ok. — 9332 9330 9331 

MW. 95.40 93.40 9338 9939 

June 9324 9324 9322 9323 

Sett. — 9306 9303 9303 

Dec. — 9206 9233 9233 

Mar. — — — 9339 


STANDARDS A POORS SOB INDEX 
S500 Uaes toBea 


Estimated Voter* 3628 (8664) 

Previews day's men tat Z3316 (24,769) 


FT-SE 100 INDEX 
€25 per (Ml Index point 



Latest 

Hi* 

LM 

Prev. 


law 

Hi* 

Low 

Prev. 

Jun. 

06553 

06563 

06550 


Mar. 

29380 

29340 

29180 

29265 

Sep- 

06595 

06603 

06596 

06590 

Jure 

29480 

29530 

293.70 

29455 

Dec 

06640 

06646 

06640 

06632 

Sett. 

29630 

29670 

29550 

29000 

Mac 

— 

- 

— 

06671 

Dec 

29780 

297.70 

29680 

27930 


Close High .low Pre*. 
19930 20030 19930 2DU0 
Jape 20360 20530 20330 20430 
Estimated volume 1,737 (892) 

Prevtore day's W. 5330 (4,973) 


THREE-MONTH EURODOLLAR 
Sla points ef 100% 



Close 

High 

Law 

Prev. 

June 

9359 

9360 

9356 

9361 

Sept 

9350 

9350 

9357 

9362 

Dec 

9353 

9353 

9350 

9356 

March 

9341 

9342 

93.40 

93.44 

June 

9325 

9325 

9324 

9127 

SepL 

9385 

_ 

_ 

9387 

Dec 

9285 



— . 

9287 

Earned relume 3284 0,913) 

Previous days open vfe 3371 (20815) 



ILS. TREASURY BONDS 8% 
SMQ30B 32ads at 108% 


Close High taw Pre*. 
March 102-04 20244 101-22 102-04 

Jane 10028 10028 100-14 130-30 

SepL 9426 — — 9428 

EsUmmed Volume 3359 (2653) 

Previews Bari epee Ire. 3371 0380) 


CURRENCY FUTURES 


POUND-* (FOREIGN EXCHANGE) 


Spot 


iHMh. 3-««th- 6-ndh. 
13989 13913 13816 


12-mth. 

15639 


IMM-STERUKG Se per £ 


Latest Hiflfe 
13900 1592S 
1 3815 13825 
13735 13740 
13640 0 


Law 

13865 

13760 

13670 

0 


13950 

13840 

13775 

13675 


LUTE— STERLING £25400 * per £ 


Latest Hi* 
13905 13916 
13805 — 
13715 — 


Low 

13875 


Pre* 

13960 

15860 

13765 


Prmrioxs day's open lot 284 (Z71) 


money markets 

UK rates steady 


FT LONDON INTERBANK FIXING 


0160 UL Mar. 19) a months U5. eotlare 


until 


± 


oharbh 


6 months U5. dotes 


bld6h 


_L 


offer 6 )j 


MONEY SUPPLY growth and UK 
bonk lending figures had little 
impact on the London money mar- 
ket yesterday. Three-month inter- 
bank finished unchanged at 9fc- 

9 ^Tnderiying sentiment regained 
mod, however, as deaiers con- 
tinoed to look for another cot or « 
per cent in bank base rates, whfie 
a larger than forecast foil in 
February UK unemployment lent 
support to the mood- 

UK clearing bank *®*® 
lending rate 10 perce nt 
since March 18-JO 

■ » _i G p ‘of £t*bn in February 
erally S sterling 

ygserdays shortage dif . 

^SSSt^ss 

in the near futii^ init iaUy 

The Bank of sh0 rtage 

f0rec ^ a K°» O Jwi2dlhis to «0 0^, 

"iSSTSV"*’ ” a5 

bought bills in band l at 

^ 0f£ Sm- £1140 bank WU »n 

S% per cent* 


band 2 at 9|3 per cent; and £2m 
bank bills in band 3 at 9% per 
cent. 

In the afternoon Che Bank of 
England purchased another 
£j91m bills outright, through El5m 
Hank bills in band I at 9% per cent 
and £i76m bank bills in band 2 at 
98 per cent. 

Late assistance of around EAui n 
was also provided. 

Bills maturing in official hands, 
repayment of late assistance and a 
take-up of Treasury bills drained 
£ 850 m, with a rise in the note 
circulation absorbing £3Qzn. These 
outweighed Exchequer transac- 
tions adding £35m to liquidity and 
bank balances above target by 

roftilm. „ 

Frankfort the West German 
Bundesbank left its credit poli- 
cies unchanged at yesterdays 
council meeting. The discount 
rate was held at 3 per cent and the 
Lombard rate at 5 per cent 

The Bundesbank s currency 
reserves feU DM 5*bn u* the 
second week of March to DM 
lOtSbn. as liabilities incurred by 
foreign central banks fell due. 
The West German central bank 
lent D-Marks to other members ot 
the European Monetary System .n 
January, before the last realign 
EX when there was pressure on 

aAmsurira the Dutch Central 
Bank will hold a tender today for 

EgM-g 3TO“-S 

advances expmng today. 


Thg fMog rates are the arithmetic means, rounded to the nearest one-stmeentlt, of the ted ano 
olTered rates for SlOmquited for Uremaritet to flve reference barks at U-00 un. each working day. 
The banks are National Westminster Bat*, Bate of Tokyo, Deutsche Bate, Banque Natieoale tie 
Paris and Morgan Guaranty Trust. 

MONEY RATES 


NEW YORK 

(Lunchtime) 


Broker banter - 
Fed. teds 

MUh*a 


Ctaemowh _ 
Twoawmh _ 
7>j theemoatt . 
7ig-7U Sta wmdi — 

6 l« Oreyear — 

b t ' d twoftar — 


Ttoaawy BWs and Bonds 

— 533 Three year 


5.49 Fawyear. 
563 Fhwjear — 
5.70 S t rew year. 
5.93 IQ year — 
635 30 year 


630 

668 

6.75 

6.99 

708 

7.49 


Mar. 19 

Overnight 

One 

Month 

Two 

Uerahs 

Three 

Months 

Sta 

Months 

Uanbard 

Intervention 


3.70-380 

3.90480 

3.90480 

3.904.03 

3.90485 

58 


73711 

73-73 

HS 

483US 

7V8 

7% 


5,1-5% 

3.78125 



5,1-5% 



_ 


__ 




106-11% 

820 

10 %-ioh 

_ 

io%-io% 

&& 

_ 

_ 


74*7,1 

144-144 

_ 





14%.14/j 


12%-12% 

— 


LONDON MONEY RATES 


Mv. 19 

Over- 

rtgM 

T days 
notice 

Month 

Ttaw 

Months 

Six 

Month. 

One 

year 

Interbank 

lOJyB 

UVUDs 

104 

911-94 

94-91. 

9V9A 

Starting CDs. 

— 

■ 

911-911 

W4 


9V> 

Local- Authority Denote] 

lOVltot 

UR.-1C4 

10-94 

9»i 

v* 

9M-94 

Locti Authority Bonds — . 

— 



— 


— 



DlKwntt M'ket Dwsta 

10*r9 

IWs 

96 

9H 

— 

— 

Company Deposits 

10>. 

IP, 

imu 

9S| 

9% 

V* 

Finance Hrau Oeooste _ 

— 


952 

9*1 

9ft 

9*4 

Treasury Bins (Buy) 

— 

— 

94 

9» 

— 

— 

Btek Bills (BsyJ_. 




9« 

9!1 

Bit 

— 

Fine Trane BUb (Buyl __ 




1011 

911 

9U 

— 




645640 

64-511 


LariAK 

6.45640 

SOR Linked Deposits — 




y*-5% 

*r5J 

6»r5% 

ECU United Deports 

— 

— 

7, l .6ii 

764 

765j 

Tft-tll 


Treasury Bills (sell); onracreh 95* per cmW three- monihs 9i a percent.- Bank BiHs (seif): one- 
montii 95 , per cent; three months V* per cent; Treasury Bills; Average render rale of cfiscount 
93935 p x. ECGD Ftaed Rnance Scheme IV reference date January 31 U Fefiniary 27 (incluslvel: 
10.896 per eeflL Lteaf Authority «d nuance Houses sewn Bays' notice. Mhers s«en days' Twed. 
Finance Homes Base Rale 11 per erm from March 1, 1987; Ban* Deposit Rates for sums at te*en 
days' notice 5 per ceoL Certificates of Tax Deposit (Series 6 ). Deposit £100/100 and over held 
under one montit B per cm; ene-Une raomta B pe» ewt, Uiroe-siji monihs 8 b per cert; tir-hine 
months 6(2 per cert; nme-12 months 8 >z per cent; Under £100.000 6 per cert from March 18- 
Deposits heU under Scries 5 10*a per cert. Deposits withdrawn for cash 5 per cert. 


fFTB/l INVESTOR’S 
GUIDE TO THE 
STOCK MARKET 

by Gordon Cummings 

The^ ‘Ho Banfl’ has brought changes that affed the sfrategy 
and market operations of private Investors, both dd hands and 
newcomers. Computerised investment traang and advice 
accentuate the need for D+Y research, knowledge, and 
share deafing to avoid becoming an Impersonal cog in robot- 
cofttrotedoperafions. 

Completely revised and updated In the Bght of the *Bg Bantf. 
this eefition is the essentia/ handbook for those who manage 
their personal capital and savings In the stock martteL The 
author, Gordon Cummings, a chartered accountant draws on 

over 50 years' experience as an active Investor, financta/ 
commentator and Investment advisor to explain the woritings 
of the stock martcet, and how to profit from it the D+Y way, as 

hehasdonesuccessfuSy. 

For the new or potential investor, it provides an invEriuabte 
introduction to the practices and procedures of the market 
how to set up and manage an ^vestment portfofo and how to 
make the best use of your capital. 

Contents 

1 No mysflque about the Stock Exchange 

2 Stocks and shares 

3 The deefing business 

4 Buying and sefing 

5 Paper work Is important 

6 Gits with an edge 

7 Foreigners have a word for it 
B Figures matter 

9 Debenture and loan stock priorities 

10 Getting the preference 

11 Sharing the equity 

12 The changing marker 

13 Pcrtoio creation and management 

14 Stock Exchange newcomers 
IB Otherlseues 

16 Takeovers and mergers 

17 Some spedaSsed markets 

18 Natuiei resources- a baac investment 

19 Going foreign parts 

20 investment and mtt trusts 

21 Good watch prevents mtstortune 

22 Those drafted taxes 
Investor's glossary -index 

Published November 1986. 

Pfeaao return to: The Marketing Dept Rnandai Times 
Business Morma fion . 

/k r 102 Cterkenwel Road. London EC1M6SA. 

Order rorm Tet 01.251 9321 .Telex: 23700 

|Mal CWer Adorns Ore* ) 

Plain note payment must accompany ontot Prioas tadude portage and 
paddng. 

Ptaese 9and me oopy/ cornea’ ol INVESTOR’S OIROE TO THE STOCK- 

•MflKcrais). 

Price CB 50 UK & ere or E ) 2AJSS1 7 overseas 

tandose my cheque value EAJSS Made payable to FT Steines* 


I wish to pay by credl card (marie choice) 

| | visa Q Access Q Annin Express 

Card No 


□ 


Dinars 


Card Ert*y Date- 


n-lwWitoontorSof more copes Pleausandme detab oiDi* order dacourts 

(BLOCK CAPITAL® 

to/MrteMB 

TBe. 


fl ilileaiain 
xoarBSa— 


PoatCOdBL 

S^ndure. 


Corerty- 
Data 


Pteaae alow 28 days for doBveryFtehnds are gtaan on books fattened In good 
eondbon and wfthin 7 days ol recelpi. 

Repstorad office: Bracken House. 10 CamonStiaM. London EC4P4BY. 
FtegBterad England No 980B96. FT 


$ 


WORLD VALUE OF THE DOLLAR 

BANK OF AMERICA GLOBAL TRADING ECONOMICS DEPT. V LONDON 


m 


Tlie table below gives the rates of exchange for the U.S. dollar agalost various currencies as of Wednesday, March 18, 1987. The exchange rates Hsteri an 
middle rates betwera buying and selling rates as quoted between banks, unless otherwise Indicated. All currencies are quoted in foreign currency units per 
one U-S. dollar except in certain specified areas. AH rates quoted are indicative. They are net based on, and are not intended to be used as a basis for, 
particular transactions. 

Bank of America NT & SA does net undertake to trade in all listed foreign currencies, and o either Bank of America NT & SA nor the Financial Times 
assume responsibility for errors. 

Bank of America Global Trading, London, ECU =$U SI-13161 SDR1-5USLZ6927 

New York, Tokyo, San Francisco, Los Angeles, Toronto. As of March 18, at 11*0 ajn. 

2Ukx« » day »dlng capaMIHy. Eurottolla. Libor: 3 "ST 6 l ^"’ ,S 

Enquiries; 01-630 43605. Dealing 01-236 9861. Sibor: £»i* 6i 2 


COUNTRY 


CURRENCY 


Afghani to) 

Lak 

Dinar 

( Frenc* Franc 
Sparttii Peseta 
Kwanza 
E. CaribbeanS 
Austral 12) 

Florin 

Dollar 

Schilling 

Pompiese Escudo 

Dollar 

Dinar 

Spwmii Peseta 
Taka 
Dollar 
f Franc (c) 

\ Franc (I) 

Dollar 

C.F6. Franc 
Dollar 
Ngultrum 
(Boliviano (o) 
l Boliviano (f) 

Pula 

Cruzado to) 

Dollar 

Lev 

CM Franc 

Kyat 

Franc 



FrendrCtyb Africa C .FA Franc 

Frtoch Guiana — Franc 

French Pacific Islands - C.F.P, Franc 

GUm — C.FJL Franc 

Gambia Dalasi 

C«raiany (East! Ostmai* (o) 


Germany (Wot) - 
Ghana 


- Deutsche Mart 
/Cert 

“ iCetfl Ini 


VALUE OF 
DOLLAR 


5060 
62921 
463 
6J0S 
12838 
29.918 
2.70 
1338 
1.79 
1.4565 
12695 
14 1-20 

LOO 
03769 
12858 
3030 
2D 113 
38.04 

3825 

200 

305.40 

1-00 

1236 

230 

200 

13142 

2088 

2146 

087 

305.40 

6.7035 

966692 

305.40 

13124 

12858 

892698 

0835 

305.40 

305.40 

20883 

3.722 

22985 

305.40 

305.40 

59.73 

305.40 

03963 

20492 

5*5 

6.903 

17780 

2.70 

3-1B 

3.16 

151-00 

14650 

0.70 

U8 

580 

580 

305.40 

28652 

6.903 

180SZ 

13098 

4.4% 

6108 

305.40 

6J08 

111054 

305.40 

758 

1836 

1*36 

155.00 

90*0 


COUNTRY 


CURRENCY 


Gibraltar . 

Gn 


Greenland .. 

Grenada 

Gusdaioupe . 
Gunn 


Guatemala _ 
Guinea Bissau — 
Guinea RoafoHc . 

Guyana 

Haiti _______ 


Honduras Republic . 


HonqKong. 
Huvky — 
Iceland — 
Inrta , 


Indonesia 


Iran ______ 

Iraq 

I rah Reprtillc, 
Israel — 


Italy. 


Jamaica , 

Japan 

Jordan — 
Kampuchea — 

Kenya 

Klrtoati 

Korea (North) . 
Korea (South) . 
Kuwait 


Laos Pries D Rep. , 
Lebanon 


Liberia 

Libya 

Liechtenstein . 
Oncetejcerg _ 
Macao. 


Madagascar Dem. Rep. 

Madeira 

Malawi 

Malaysia — . 

Maidtae Islands . 

Malt Republic — 

Maha 

Maruatque 

Mauritania 
Mauritius 


Miquelon - 
Monaco — 
Mongolia. 


Montserrat. 

Morocco. 


Mozambktoe , 
Namibia ___ 


Nauru I slates . 
Nepal . 


Netherlands 

Netherlands Antilles. 
New Zealand 


Nkara9U-_- 

Niger Repnhfk . 

Nigeria 

Norway 


Oman Softanate of . 

Pairewt 

Paneraa _ 


Pound* 

Drachma 
Danish Krone 
E. Caribbean X 
Franc 
U8.S 
1 Quetzal to) 

lOuecof (fr, » 

Peso 
/Franc 
l Franc (p 
/Dollar 
1 Dollar (a) 

QourtSe 
/Lempira to) 
l Lempira Id) 

Dollar 
Forlrt 
Krona 
Rupee 
Rupiah 
Rial to) 

Dinar 

Piatt* 

New Shekel 
Lira 

Dollar to) 

Yen 

Dinar 

Riel 

Shilling 

Australian Dollar 

Won 

Won 

Dinar 

Wp 

Pound 

Maloti 

Dollar 

Dinar 

Swiss Frame 
Luxembcwg Franc 
Pataca 
Franc 

Port u gu es e Escudo 
Kwacha 

- Rl"9glt 

- Rufiyaa 

_ C.FA. Franc 
_ Ura* 

_ Franc 

- 0V9rt7* 

- Rivee 
/Poo (d) 

" l Peso (e) 

_ French Franc 
_ French Franc 

- Tugrik (c) 

- E. Caribbean S 
_ Dirham 

_ Metical 
_ S. A. Rand 

_ Australian Dollar 

- Rupee 
_ Guilder 
_ Guilder 
_ Dollar 

{ Cordoba 
Cordoba (a) 
Cordoba to) 

- C.FJL Franc 
/Naira id) 

‘ I Nana (o) 

_ Krone 
. Rial 
- Ripee 
- Balboa 


VALUE OF 
DOLLAR 


16052 
13466 
6.903 
270 
6.108 
LOO 
180 
293 
170.479 
34080 
30080 
1080 - 
2080 
580 
280 
210 
7801 
47.90 

3964 

1286 

164780 

727389 

03109 

L456 

1616 

130466 

5.48 

15189 

03405 

(La. 

15.9084 

L4565 

0.94 

05180 

0-2761 

3580 

10730 

2079 

180 

0303 

1336 

3884 

8835 

688311 

14130 

23079 

2526 

780 

305.40 

28653 

6.108 

7480 

1285 

109060 

108880 

6308 

6308 

33555 

270 

8.41 

20280 

2879 

L4565 

2L90 

2875 

279 

27562 

90080 

7080 

170080 

305.40 

3.9195 

33407 

6.937 

0385 

17358 

180 


COUNTRY 


CURRENCY 


i New Guinea. 


ParaflWti 


Peru 


Philippines 

Piualm Islands . 

Poland 

Ponugal 
Puerto Rice 


fonar - - 

Reunion (sled* la . 
Romania — . .. 


Rwanda. 



SOo Tome & Prlndpe DR 

Saudi Arabia 

Senegal 

Seychelles 

Sierra Lee 


Singapore 

Solomon Islands . 
Somali Republic . 
South Africa ___ 
5p>alfl 


Spanish ports Id 
N orth Africa _ 
Sri Lanka — 


Sudan Republic 
Surinam 


Sweden. 


Switzerland. 
Syria 

Taiwan. 


Tanzania 

Thailand 

Togo Republic . 
Tend Islands. 


Trinidad & Tobago . 

Tunisia 

Turkey 


Turks & Caicos Islands _ 

TmShi — — 

Uganda 

United Arab Emirate* _ 

United Kingdom 

Uruguay 

USSR 


Vanuatu 


Vatican . 


Venezuela. 


Vietnam 

Virgin Islands (British) _ 

Virgin islands (US) 

Yemen — 

Yemen PDR — _ 

Yugoslavia — 

Zaire Republic 

Zambia 


Zimbabwe . 


. Kina 

f Guarani to) 

. (Guarani (p) 
(Guarani to) 

( inu (o) in) (3) 
inti m 
inti to (3) 

Peso 

. M3- Dollar 
. Zloty to) 

. Escudo 
U-S- s 

Rbol 

. French Franc 
/Leu 16) 
l Leu CO 
Franc 

2 Caribbean S 
Pound* 

2 Caribbean 5 
French Franc 
E. Caribbean % 
Tala 
US S 

Italian Ura 

Dobra 

fiiyal 

. C.FJL Franc 
. Rupee 
. Leone 
. Dollar 
. Dollar 
Shilling Id) 
(Rand (O 
l Rand (c) 

. Peseta 

Spanish Peseta 
. Rupee 

{ Pound to) 

Pound lk) 

Pound (0 
. Guilder 
. Lilangeni 
. Kraoa 
. Franc 
. Poind (o) 

. Dollar to) 

. Shilling 
. Baht 

. C.FJL Franc 

. Pa'anga 
. Dollar 
. Dinar 
. Lira 
US 5 

Australian Dollar 
Shilling (I) 
Dirham 

Pound Sterling* 
Peso tm) 

Rouble 

Vatu 

Ura 

{ Bolivar to) 
Bolivar In) (1) 
Bolivar (d) 

Dong (o) 

US S 

USS 

Rial 

Dinar 

Diter 

Zaire 

Kwacha 

Dollar 


VALUE OF 
DOLLAR 


0.9236 
24080 
55080 
70080 
1489 
2035 
1862 
2067 
27562 
240 80 
14220 
200 

3641 

6308 

432 

1033 

80.9200 

270 

16052 

270 

6308 

270 

23598 

200 

130465 

356504 

3.751 

305.40 

56997 

3880 

2348 

29802 

12030 

3.4329 

2879 


12868 

28.75 

245 

293 

480 

2785 

2079 

6404 

2536 

3-925 

3454 

56362 

2556 

305.40 

24565 

360 

05125 

77564 

200 

24565 

139620 

3673 

16052 

19950 

06451 

112875 

1304.25 

1450 

750 

2387 

8080 

LOO 

LOO 

950 

0543 

53466 

88.95 

8.9047 

1626 


■La. Not aval law*. (m> Martel rate *U.S. dollars per National Currency win. (a) Parallel Rate. (o) Official rate. (b> Floating Rate. (c) Commercial rate. 

(CO FreemarkeL to) Controlled. <n Financial rate. («> Preferential reus, (h) Non essential Imports. (I) Floating tourist rate. (|> Public Transaction Rate. Ik) AgncuHural 
products. (D Prtont* Rale, (nl Essential imports, (p) Exports. (1) Venezuela: For debts Incurred prior to February 1983. 12) Argentina. 27 February 87; Austral devalued by 
approx. 6.49%. (31 Pent, 13 March 87: Mti devalued by approx. 23%. 

Far further hdonnatMu please contact your local branch ot the Bank of America. 



\ 



Financial Times Friday March 


WORLD MARKETS 


FT-ACTUARIES WORLD INDICES 




INFOR1V1A 1 ION SERVICE 


TOKYO 


authorised 

UNIT TRUSTS 


MllFdMMMgXcL^,.. f.tEJKLii T«1,EC«0M 
L*** 1 *** **• *** 


MMT.GM.HC. 

U*.Att ■ 


NATIONAL AND 


Figures In parentheses 
show number of slocks 
per grouping 


WEDNESDAY MARCH 18 19W 


DOLLAR INDEX 






BE T5 ems 



s m 


(SC 717373 


fc *W=f=rpSrrn-.r*» «* ^ 




Ilf 



S&TffiSSS*? 


i 


T*W 


PARIS 



380 jan 


BASE LENDING RATES 


% 

ABN Bank— U 

Aitaoii Company 1CP 2 

AUMArabBkUd 10 

NfedDuritir&Ca — 10 

AlSrilrrsite* 10 

American Exp. Bk 10 

Ann Back 10 

HcnyAmbader 10*2 

ANZ Banking Grtnp 104 
ftsudau Cap top — U 

AmtDntr&CoLnj — 104 

■ Bases deBdbao 10 

BrtNapoafln 104 

Barit LntnUUIO -10 

Bank Cr«St A Ceram— 104 

BariofCypras 104 

Back oi Inland 10 

BariroflMba 104 

Baskaf SoUand 10 

BaaqH Beige Lid 10 

BridapBa* U 

BwctoafcTslLW — 10 
Berffcaf Trust Lid — 12 

BerUser Barit AG 10 

BriLBk.nl MU. Est- 10 

• BrwmSJadD — 104 

CL Barit NedeM — 10 
Carada Permed — 10 
CqarLUl 10 

• CtarttrtoeseBank — . 10 


% 

CWtaricMA 10 

GttHritSatnngs H2-45 

City Merabacb Barit— . 10 

OjdesdrieBarit 10 

Conn. Bk.N. East — 10 

CooseMatedCred 10 

CwptraUveBri* 10 

Cyprss Poplar 8k — 10 
DmasLrerie— 10 

LT. Trust ■ 12 

Etpatcr'l Tstcppk 11 

Enter Trait Ltd. 104 

Ftaanriai&Gen-Sec — 104 
FiratNaLFbLCorp — 114 
First HaLS«-LM — 114 
■ Robert Flaring A Co — 10 
Robert Fraser & Pin — 114 
GndaysBmk tlO 

• GmcnessMahm 10 

HFCTnetASaiiags— 10 

• HantmBaak — 10 

HeritririeAGen.Tst — 10 

e Hill Sami. $10 

C-Hmre&Co 10 

HnogkDflg&Stiugb' 10 

UqdsBarit 10 

MaseWestpaeLtd. — 104 
UtShrai A Sobs Ltd— . 10 

II idand Barit 10 

e UorpiGraaM 10 


Hal Croft Cop. LtL— 104 

Mac Bk-d Kuwait 10 

HaUrealGinta* — 10 

Nat WeSoriester 10 

Norttera Back Ud ID 

tMnich Gen. Trait — 10 
PKFta«.WI(UKJ_ U4 
Prwincal Trust Ltd— 12 

R. Raphael &.Swi 10 

Roebarghe G'rautw 114 
RcgalBkoiSaitbad — 10 

Rural Trust Barit 10 

. Standard Ctafered — 10 
Trustee Safes Bok— 10 

UDT Mortgage Exp.— . $1225 . 

UmUdBk of Kamil — 10 
United MtoaU Barit — 10 
Wesqre B'ridng Carp 10 
WMtenafLridaa— U 

YtftirnBmdt 10 

• Mentos of the Accepting 
Hanses C a n u rit t w . •T*V 
depadts 535%. Swurtse BjIB%. 
Top Tier— £2J00+ at 3 iraths 1 
notice 938%. At taB when 
£10,000+ renata deposited. 
tCril deposits £L000 and over 
5t»% gross. 1 Morigoge lose rate. 
$ Demand deposit 535%. 
Mortgage 124%. 


Find out how you can 
increase yourstake when 

you’ve seen the result. 

Invest In the new RBC unit trusts before 2ist 
March and you can buy 20% more units a! the launch 
price of 50p. Right up until summer 
However much prices may rise. 

PV-Mg and melnfamtfcwtooul RBC SeteS North A.w rtcun/ _ 

RBC Sdrd hVcraattotmi. And drtaS* <d tin - 'Try up«cial Inooriioaoc 


CUp ltd* oihirtlpMiFnl and *md h to Barry Thmp. RBC Thiri Munua#!* LintoA 
1 London V\WL London ECIY SOL 1W«|il*ine;in"fl08 3WL 

M RBC TRUST MANAGERS LIMITED 
** Making unit trusts make sense. 


PHONE NOW. OFFER CLOSES 21 ST MARCH. 



ACROSS 

1 If returned, X as a party fail 
( 6 ) 

4 Welsh river with X on it (8) 

10 Polish X making a complaint 

C7> 

11 Church cup for church X (7) 

12 Transport for 100 X (4} 

13 Rascal takes picture of land 
or sea for X (10) 

15 Painter of bird X <6) 

16 Danger to X in Cornwall (7) 

20 Fanny with no top, X is a 
Greek letter (7) 

21 Meagre X following first per- 
son In France (6) 

24 Toad to talk a lot to X (10) 
26 Southern X for legwear (4) 

28 BHnd saint to press X for 
.. payment (7) 

29 Ghost of X following some 
elephants (7) 

36 Old ship with girl’s name, X 

31 Pluto in Egypt, very large X 
( 6 ) 

DOWN 

1 Savage nature with other ice 
to Gey (8) 

2 A river with tidal wave inside 
' a group of trees (9) 

a A river, partly penniless (4) 
5 Half trival error upside- 
down; X agreed (8) 
g Tolerate effect of danger in 
disorderly scene (4,6) 


7 1 have little business on a — 

Spanish island (5) 

8 I interrupt stormy scene with 
relations (6) 

9 Opening to leave egg— back 

in car? (5) 

14 City of some romance for X 
( 10 ) 

17 Musicians at junction with 
odd X(9) 

16 Fielding hero coming from 
moon with jest (3,5) 

19 Temporary dwelling half put 
up, with simple table (3,5) 

22 An oddly made garland for 
the head (6) 

23 Range— of micro, for example 
(5) 

25 Number or voice (5) 

27 Defaces planet (4) 

Solution to Poole No. 6£81 


EEHBn&K&SlEER ' ' SBR 

R Ul ■ S..-P3 R □ B -Q 

• EOsgractiEs 
El s e e a c e n 

REGER 

c s E.-g -a e . a 

i-EEBHEE 33C1E 
IE K c-' - E Ef G 
SERB GEansad 
El -E .E n'-K H n 
ranreGra- ErannBHnraE 
BECHDRffiE 
nnaaEEags bergs 

SSE WEESGEGnaSG 


Technology 
in the 
Securities 
Markets 

-The Next Fivelfears 

HoteUrrter, Continental, 
London 
8&9Aprti,19S7 


EF 


FINANCIAL TIMES 
CUN FERENC VS 


03 



r— 


HamgtrsL 

■dtHrafiiWS 




Farrtbmadonpkssaramm Mi 
aMrasanranc noarirweiie^ 
ousnen carat re 

Financial Umos 

Conference 

Organisation 

Minster House, Arthur Slret*, 

London EC4R9AX. 
AttBftirirefc 

lelephaneOl-igJTMS .. 

telex: 27347 FTCONF G. 
fax: 01-423 B8M 




H 


ar 


MMnOUr 


JS I griraliii AMtetettH Ltd * ■■■ 




bank letimi(uk) pic 

Interest Bales 

Bar^Leumi(UK3plcanrKAncesttKitwith 

effectfrom the doseof business on 19th 
March 1987 its base rate for lending is 
reduced from 10% per cent per annum 
to 10 per cent per annum. 

bank leumi ■nm'i put ® 

Where every customer counts. 


M 











































































3 


Financial Times Friday March 20 1987 




























































































































3 









































































































































































































































































3 




















































































































































v *.Ll .L.- r i- v.v».Ai-. ■•- -•- • ; .T^jpw 

-v ' -i _ -f-r 

• ■ • V. - ••- .• .-’*••• -v/- : ;-T 1'* 

MamW'% HBW' - ^3** 


Financial Times Friday, March 20; t^7 P 3 ^ 


46 


LONDON STOCK EXCHANGE 


Account Dealing Dates 
Option 

'First Declare* Last Accrant 

Dealings lions Dealings Day 


Mar 8 
Mar 23 
Apr 6 


Mar 19 
Apr 2 
Apr 23 


Mar 20 
Apr 3 
Apr 24 


Mar 30 
Apr 13 
May 5 


* New time dealings may taka place 
from 9.00 «m two business days earlier. 


BP shares fall in weak equity sector 

hold steady in active session 


but Gilts 


296p but BAT Indnstri« easted 4 


The UK securities markets con- 
tinued to consolidate their 
response to the Budget proposals 
yesterday, undisturbed hy the 
Government's plans to sell Its 
£4^hn stake in British Petroleum 
this year. 

In the Government bond market, 
tong term yields remained solidly 
below 9 per cent, with prices a 
shade off although foreign buyers 
hovered in the background. 

BP shares gave around but a 
wider downturn in equities 
reflected the generally cool 
reception for the Budget propo- 
sals. 

The equity market was easier 
throughout the session, and the 
FT-SB 100 Index ended a net 15.8 
lower at 1991.0. At I58t.ff. (he FT 
ordinary index shed 7.9- 


tbe General Cinema investment 
stake 

The major clearing banks con- 
tinued to drift lower, Barclays los- 
ing 5 to 507p and Uoydjj 5 to 482p. 
Midland were 4 cheaper at 625p. 
while NatWest softened a couple 
of pence to 599p. Among Merchant 
banks. Mill Samuel gave up 7 to 
443p. 

Insurances showed Legal and 
General 22 tower at 299p following 
the annual results and Refuge 14 
down at 473p in the wake of the 
preliminary figures. Prudential, a 
firm market on Wednesday reflec- 
ting passible benefits from the 
Budget, eased 6 to 913p. In a dull 
Composite sector. Royals dipped 
18 to 988p and Commercial Union 
gave up ft tn 314p. 

Market newcomer Ferpetnal 
staged a successful debut, the 
shares closing at 191p compared 
with the placing price of 180p. 

A dull Brewery sector displayed 
one good feature in Hwiand. 


2S6p 

further to biSp. 

British. Empire . Securities 
improved to 42p on the announce- 
ment that the Merchant Navy 


-the speculative, positions taken : 
ahead of the trading results. were 
shaken out and genuine Invest-, 
meat buyers returned/ - ‘ " 

. Australian mining stocks, too, 
had a good session. Bn&aeHHl, 
were again wanted op the back pi . 
a good demand in Australia, and 
m ost of the other majo r issu es also ; 
tuned in a firm perfo nuance. 



The session opened uncertainly Fresh buying of the stock was 


with equities sharply down and 
bonds easier as the City digested 
the news on RP. which came after 
market hours in both (.nnrinn and 
New York: 

But initial weakness in gilt 
futures was soon counterbalanced 
in the cash Treasuries market, 
where the implications or the BP 
move are “ neutral ” for bonds, 
commented Mr Tim Congdnn of L. 
Messel. government bond suhsidl- 
aty of fthearson Lehman Bras. The 
planned BP sales does not change 
the expected totals for this year's 
Government asset disposals, and 
is not in itself** indigestible.” he 
added. 

Traders commented that the 
gilt-edged market had been look- 
ing Tor an excuse Tor a pause 
following its strong gain over the 
Budget period. But foreign buyers 
continued tn show interest, and 
prices steadied whenever profit- 
takers tried to move into the mar- 
ket. There was little response to 
the latest UK money supply and 
employment statistics. 

Helping sentiment was the news 
ofa toll in the UK unemployment 
totals Tor Inst month, and prices 
moved narrowly in a good two way 
session. 

Oil stocks had an nrtive day. BP 
remained weaker throughout, 
although the City sees few prob- 
lems in selling the Government 
slake when it comes tn market 
Poor results from Briloil brought 
a small toll in the shares a( first 
hut the dividend cut was less than 
expected. • 

Also hurting major indices was 
a fall-out in pharmaceutical 
issues— the exception being 
Beechaxn which is presenting 
itself in New York this week. 
Glaxo took a further dip as the 
investment spotlight shifted away 
from the shares. 

Among the consumer issues. 
GUS shares suffered a further 
selhack as the pre- Budget .«i»ecu- 
lators moved out. But there were 
buyers of Cadbury -Schweppes 
after press comment revived mar- 
ket queries over the outlook for 


aroused by a broker's view of 
expansion prospects and of a 
possible property revaluation, 
which could reveal assets of 700p 
per share. Moiiand closed 30 
higher at 548p while leading 
issues such as Bass ended 11 
lower at 924 p. Aliicd-Lyons, 300, 
Whitbread "A." 328p. and Wol- 
verhampton and Dudley, 314p. 
were around 4 or so down, while 
profit-taking brought recently- 
firra Invergorden Distillers back 5. 
to 176p. H. P. Bolmer remained 
under selling pressure and fell 7 
to 177p. 

Leading Buildings gave a lack- 
lustre performance, sentiment 
clouded by a disappointing set of 
interim figures from Barrett 
Developments; half-year profits 
well below market estimates saw 
Barrett retreat l3Vi to 184p. while 
fellow housebuilders George Wim- 
pCy dipped 9Va to 231Vip in sym- 
pathy; the latter’s annual results 
are due soon. Tarmac, firm on 
Wednesday following the acquisi- 
tion or F. J. C. Lilley’s quarrying 
companies, came back 6 to 534p, 
but Afartey found support at l53p, 
up 3. McLaughlin and Harvey put 
on 17 to 165p following the results, 
while Helical Bar gained 30 to 
620p in response to Press com- 
ment Persimmon revived with a 
gain of 12V*s to 41 lp, but Ward 
Holdings encountered profit-tak- 
ing and slipped 13 to 535p. 

Wardle Storeys featured the 
Chemical sector, rising 30 to 4S8p 
in a market short of stock. James 
Halstead, interim results due 
shortly, added 4 to 235 p. IC1 were 
a shade dearer at £12%. 

Leading retailers followed the 
general trend and most sustained 
losses hut secondary stocks 
resisted the tendency to move 
lower. Dixons lost 7 to 3?8p and 
Marks and Spencer came back 4 to 
224p while Storehouse slipped 5 to 
303p. Wool worth ended 12 olT at 
809p following termination of the 
bid discussions with Underwoods, 
down 34 at 216p. Increased annual 
profits lilted House of Lerose 7 to 
196P- Church 5 to 440p and & B. 


FINANCIAL TIMES STOCK INDICES 









1986/87 

Since CompHatioo 


19 

18 

Ma«, 

17 

16 

13 

ago 

High 

Low 

High 

Low 

ewerdreeptSets 

9L90 

9L03 

9039 

90-07 

89.87 

9L09 

9451 

(mm 

8039 

(200786) 

127.4 

19/1/35) 

49_18 

13/1/75) 


97.98 

W M 

9642 

96.11 

9529 

9430 

97.98 

8655 

asnm 

1,0943 

105.4 

(28/11/47) 

1,613.5 

&wn 

5053 

(30/75) 

49.4 

(266/40) 



L5895 

L586.9 

L576J> 

L583.9 

1,415-1 

(19/3/B7) 

L6135 






0087) 

043/86) 


350.4 

3443 

34L4 

3383 

340.1 

3103 

350.4 

185.7 

734.7 

435 






□9087) 

08/7)86) 

092/83) 



3.71 

3X8 

3A8 

370 

369 

333 

S.E. ACTIVITY 

earetegs YkLWfOO 

SJ9 

&54 

853 

EL39 

856 

9J3 

Imfees 

Mar. 18 

Mar. 17 

P/E Ratio (MOf)--— 

1427 

1436 

1437 

39,866 

1428 

1432 

13 A0 

Gift Edged Bargains — 

249.4 

384.9 

18L4 

347.9 

SEAS Bargains (5 pm) 

51.952 

52371 





33233 

1914 

3687 

2529 1 

Equity Tmover l£m) — 
Equity Bargain 

— 

L743JD5 

59,410 

L25L26 

53.696 

977A041 

56290 

424.9 

L34Z341 

SiJBb 

98527 

41304 

4113 

5-Day Average 

GHt Edged Bargains __ 
Equity Bargains 

VSLA 

7U&2 

IU2A 

Steves Traded (ml) 

' 

- 



Equity Value 



Opening 

1577-2 


10 are. 
1578.0 


11 ami] 

1583.2 


Noon 

1584.9 


1 p.m. 
3585.4 


2 p.m. 
1585.4 


3 p.m. 
1577 2. 


4 p.m. 
1577.8 


Day's High 1586L2. Day's Low 1565.4 

100 6«rt Secs 2500% FtoeeJ tin 1928. Prflgpy 1/7/35, SaM Mines 12*905, SE flafotty 1974, »NB=13.74. 


L0NDQN REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


Officers Pension Fund had 


Service retained a strong profile in toe . uneaeiting in !<mdon. 

at 382p, up 3, while EL & J. Quick company to 23.15 per cent MAI,. , _ - '- 

found renewed support and ^ this week's Drat- Traded ODuOBS . 

closed 5 dearer at 173p. half statement pushed 8 higher to ‘ 


• "... • $£&£. ’ l 2i 

' i-i 


- , half statement pushed 8 fairer to; ...... 

A circular from L. Messel, toe {, nt profit Taking lowered Interest in Traded optiqnS-waS - : 
Shearson Lehman Bros, ormhow. j to BOp and Authority largely confined to - two stocks, 

stimulated good interest in Wii- t am tnaeat 15 to 425p. 1 British Gas continued to feature . 

Liam Collins issues. Analyst Tony ^ overnight announcement and recorded 3,082 calls and 34.77 - 
Willis suggests that the group has ^ ^ Government Intends to puts, . Shell wereVnlao sctiro-auid -: 
moved from a recovery situation ^ ^ remaining 32 per cent registered - 4,711 , calls .. and -lj015 . 

stake in BP cast a shadow over the puts, 2.067 calls were arranged in ' 
oil sector and prices generally Cadbury Schweppes jind 4J04-in 
traded lower despite another Hanaen Trust The total number of 
steady performance tty crude contracts was 48,687—35,482 calls 
prices. BP dipped 12 toftlCp while . andl2L205 puts. - 
Shell settled /, ofr at£12 3 «. Britoil 
put on~6 to 228p following the 
sl Ightty-better-fhan expected pre- 




to a true growth stock and still 
represents value despite the 
recent sharp rise. The Ordinary 
shares bounded 23 higher to close 
at 593p while the “A” rose 30 to 
550p. Higher annual profits sus- 
tained Octopus PublteMug. at 
888p. after 70dp, while BPP picked 




Traditional Options 


: fe5r 


& 

« 


up 5 at 275p. BFCC liminary results, but Enterprise 


i*2?s 


issues down, dosing a forther 9 e88ed bsu , k in front of today’s 


lower at33lp while DBG gave np 5* a „ nnj> j ggQjet to dose 5 lower at 
at 41ftp; the latter group prop^» 


Gent to 78 p. Other firm spots 
included Alexon, 9 dearer at 264 p, 
G. Oliver ** A,” 15 higher at 380p, 
and Mrs Field, life up at 2l3p. 
Smaller-priced Amber Day put on 
3Vh to 27Vip. Elsewhere, after-the- 
event profit-taking saw Soperdrng 
tumble 25 to 490p; toe full-year 
profits were much in line with 
expectations. 

Electricals passed a rather 
uninspiring session. Leading 
issues closed with small move- 
ment either way. Elsewhere, 
takeover hopes left Com cap 20 to 
the good at 46Qp. while revived 
demand left Borland 11 to the good 
at 156p- Among smaller priced 
issues, Cifer were noteworthy for 
a rise of 3 at 42p. while Process 
Systems rallied a few pence more 
to 36p on recovery hopes. 

Crown House dipped to 215p 
before closing 10 cheaper at 235p 
on the announcement that toe 
company had received an 
approach from Coloroll which 
may lead to an offer for its table- 
ware division; recent bying of 
Crown House had binged on hopes 
of a full takeover bid from Col- 
oroll which has a 4.7 per cent 
stake in Crown. Westland came 
under selling pressure at 96p, 
down 9, following news that toe 
Ministry of Defence wants to 
order the EH 101 helicopter 
rather than the Black Hawk model 
which Westland is assembling. 
Renewed buying interest left Hob- 
son 7 to the good at ?4p, but W. A. 
Tyzaefc met with profit taking and 
gave up 5 to 106p. Gtynwrd con- 
tinued to edge higher at 414p, but. 
Jones and Shipman eased a few 
pence to 136p on the preliminary 
figures. 

Foods were irregular. Cadbury 
Schweppes responded to Press 


OFFICE EQUIPMENT 


SURVEYS 1987 


The Financial Times is proposing to publish the following 
Surveys on the dates listed below: 


Wednesday 29 April 


Mobile Communications 


Monday 8 June 


Refurbishment 


Wednesday 24 June 


Corporate Communications 


Tuesday 1 September 


Office Equipment 


Monday 19 October 


World Telecommunications 


Monday 2 November 


Computers in Business 


Information can be obtained from: 


MEYRICK SIMMONDS 

Telephone 01-248 8000 ext. 4540 


or your usual Financial Times representative. 


1 The content. *l*e and publication dates of Surveys in the Financial Times are subject to 
change at the discretion of the Editor.’* 



comment with a gain of 6 at 24Sp, 
but recently firm Tate and Lyle 
dipped 19 to 750p following end- 
Account profit-taking. United Bis- 
cuits eased 3 to Z75p on second 
thoughts about the annual results, 
while Uhigate slipped 5 to 378p. 
Retailers showed Tesco 4 cheaper 
at 480p. 

Ladbrofee, a firm market follow- 
ing the Chancellor's decision to 
abolish on-course betting tax, 
encountered profit-taking and 
closed 3 off at 445p. Elsewhere In 
the Hotel sector. Mount Charlotte 
continued firmly and added a 
peony more to 124 V4p. 

Another subdued trading ses- 
sion left leading miscellaneous 
industrials at lower levels. Glaxo 
ran into U.S. selling and dipped & 
to £15^. while Bceduun gave up 2 
further to 549 p. Falls of around 3 
were marked against Hanson 
Trust, 164p, and BTR, 328p. Else- 
where in the sector, Wellcome 
encountered offerings amid fears 
of competition for its anti- AIDS 
drug from Bristol-Myers and fell 
away sharply before recovering to 
close only 2 off at 458p. in con- 
trast Consultants Computer 
responded to the good prelimin- 
ary figures and acquisition news 
with a gain of 36 at 242p. Williams 
Holdings advanced 10 to 738p on 
the better-than-expected annual 
results, while Norcros, in which 
Williams Holdings recently 
purchased a 2 l 2 per cent stake, 
rose 10 to 389p. London and North- 
ern closed 416 dearer at 841ftp 
following the share exchange 
offer from Eve red which came 
hard on the heels of the announce- 
ment that L and N had agreed to 
recommend new demerger propo- 
sals to shareholders. Evered fell 
17 to 223 p. Further demand ahead 


of next Tuesday’s preliminary 
figures left Abbeycrest up 15 more 
at 210p/ Disappointing interim 
figures, however, prompted a fell 
or 2 Vfc to 2216 in Spang. Profit- 
taking clipped 35 from Hunter at 
645p, but further consideration of 
the annual results caused a gain 
of 10 to 179p in Noranfc Systems. 
Rexmore eased a penny to 58p on 
the proposal to raise £2.1m net via 
an offer to shareholders and con- 
ditional placing of some 4:.4m 
shares at 51p per share. 

An excellent set of interim 
results from LWT gave a fresh 
boost to the television sector. LWT 
responded to the sharply 
increased half-year profits with a 
rise of 85 at 786p- Thames rose 10 
to 460p and Scottish 22 to 509p in 
sympathy. 

Pleasarama firmed 8 to 376p 
following annual profits in line 
with recently revised estimates. 
International Leisure continued to 
respond to Press comment and 
gained 5 more to 154p, while Brent 
Walker put on 24 to 395p on expan- 
sion hopes. 

Lucas Industries’ good advance 
was halted by profit-taking and 
toe shares lost 5 to 595p. but 
despite currency influences, 
Jaguar attempted a rally and 
ended slightly harder at 563p. Lex 


a £40m eurobond issue and will 
make a series of presentations to 
European institutional investors 
next week. Watrooughs replied 
further to the preliminary state- 
ment, rising 10 more to 375p while 
Jefferson Smarm rose 11 to 461p 
and Clarke Hooper 6 to 181p- 

Bid developments were 
responsible for the major move- 
ments in the Property sector. 

Centrovincial Estates jumped 37 to 
315p following the recommended 
offer from Gilbert Bouse; the lat- 
ter dipped 17 to 98p. An agreed 
offer from Local London saw Stan- 
dard Securities rise 13 to 253p; 

Local London fell 60 to 576p. Else- 
where, Great Portland Estates 
firmed 15Vfe to 244 Vip following 
acquisition news. Grainger Trust 
were 15 higher at 325p and Estates 
and Agency 30 up at 180p in 
restricted markets. 

Shippings were devoid of note- 
worthy movements with the 
exception of Walter. Buncnnan. 

After a period of prolonged 
inactivity, the shares responded 
to demand in a tight market by 
rising 16 to 201p. 

■ Courtanlds resisted both the 
effects of a strong exchange rate 
and the general market malaise, 
finding support which nudged the 
price higher to 410p. .Parkland 
u A ** were again bought and rose 8 

to 155p while A. Beckman har- 
dened 2 to I14p following' the 
acquisition of a London office Bh[P rjn^e 
building for £185m. On an adverse % goats 
note, John Haggas reacted 8 to Brft Airways — ~_ 
130p and Leeds gave up 5 at 274p. 

Bolhsmay international con- 
tinued to shine, gaining 9 more to 


Polty Peek’s recent run 'ended as 
Short-term holders began to take 
profits end the cl os was 5 lower at 
238p. incheape also moved easier 
at 578p bttt Lomrho held at 270p 
awaiting reports of the annual 
meeting. 

Gold shares were strong again, 
backed np by demand from New 
York and London. Dealers 
ascribed the upturn solely to the ; 
improvement in the. Band^and 
discounted favourable press com? 
meat la the. London. press: . ' *v 

At the close,, toe FT gold mines 
index showed aimiztbf 6,1 to 350.4. 
and most of toe leaders stood out 


• Hrrt dealings March a 

• Last dealings March 27--^ ■- 

• Last declaration Jose 25 

• For Settlement July G - 

For ntte indications see end 

Unit IYust Service . 
.Stocks dealt in for toe cs&: 
included Anutrad,- Pswcailne,. 
PrefCFty.TrintyThsas-Bocth.wldk,: 
Xyan Intonutoul, CMidecb, 

. Leigh 1 Interests. ; i Alexander • 
Holdings, ^pong,13ines Veneer,’ 

- London ' Securi ties, ' TaBtex. 

- g g Un fa m , Jsgqar,.B)g!rBC; Aiinonr 
Trust, Iflargan GrenfeQ, Hotyprint, 
Statit, Dentehet Bank, - Blacks.; 
Leisure, Barium, Norte Kalgull, 

VBelyon. . G abfoef, _ v 

• ■ Btxckley’s * Br ewer y, f 
Metal Ctosures, Jobmmi and Flrtk 
Ikvwit andTlaUgnanL.puty were- 


«s 


ig: ' : *- : 


15 

A 


AT 1 - 

A M 







well Share: prices ended at the rtranged lii Jebwm DriHlng; iwi. 
day’s best, nlUmuEh bulhonprices rand' KriteiL while double mOimis, 
topped off. in London. : were transacted; In Hartin ftnL 

Buyers returned for He Been as and Crown Honse. 




TRADING VOLUMF IN MAJOR STOCKS; 




The IbBowing is Iwwil on owflng voimne tor Alpha secsrttlo decttlhraiigb the SEAR system 
yesterday until 6 pm. , . 

Volume Ctodng 0a/s ~ VWtunv ttehr thari 

OTtri price change * - . Stock 000’s pact 



Assoc. Brit Foodt- 

BAT : 

BET 

B0C 


BPBInds. 
BPCG 


BTR. 


BeectnuL 


Brit. Aero . 
Site. Sax — 

BritoU 

BP. 


Brit. Telecom. 


NEW MGHS AND LOWS FOR 1986-87 


BurtM. 


WOO 
2200 
5000 
. 315 
. aooo 
673 
60S 
346 
206 
VXD 
1.200 
721 
1A00 
68* 
1500 
4.700 
877 
22000 
16,950 
14.20* 
9.400 
938 
1.900 
12000 


-1 - Ladhuke. 


Land Securities^ 
Legal 4 fl«|~ 
LMsBank-; 
Loroho... »■■■ ' ■ ' 
MEPC. 


2000 


6a 

533 


w: 

378 

299 

482 

270 


~X : v’ 

-22 ■ 

: -5- -.tr 


.MarksASgncr— . 1500 
MhUrndBank- — 289 

WatW«tBaafc_ XWQ 

Pearson — - - 599 

-P&Q.:-.. 505 

PUdnston 2100 

■Plessey 17,000 

PmriMitW : i.. 459 

‘■BmH .r... , 45W 

- RankOni ..'Ij600 

RUM Z — —,::3SS 

:BedtittACo>.— .. . - PM 
- v.380 


224 • 

627 

599 

566 . 

6JB 

741- 

*1* 


-5 ■ 



- 2 . 
-3 ‘ 
43. 
-2 
.+5 
+5>a 




i .. r-;i 


Reed 

Reuters ... 

RMC-.....1 — 


RTZ. 


239 


NEW HIGHS 065) 

BRITISH FUNDS (6). I NT. BANK A 
O'SEAS GOVT. STLS. ISSUES ft), 
LOANS (4), FOREIGN BONDS a). 
CANADIANS (4), BANKS (3), 
BREWERS 02, BUILDINGS (9k 
CHEMICALS tSL STORES (6), 
ELECTRICALS (101. ENGINEERING 
(7), FOODS (5), HOTELS (4), 
INDUSTRIALS (24), LEISURE (11), 
MOTORS (3). NEWSPAPERS (4), 


PAPER (51, PROPERTY (YLSMiPPiMki 
(2), SHOES (2L SOUTH AFRICANS CM. 
TEXTILES ai, TOBACCOS OU 
TRUSTS (14), OILS (6), MINES (14). 


NEW LOWS (4) 

AMERICANS (1) Manuf. Hanover, 
BANKS O) Deutsche Bank, 
INSURANCE (1) Antanz AG, 
OVERSEAS TRADERS 02 GN Great 
Nonflc. 


CMtSWre. 

Cadbory Sdwps— — 8J000 

Coats Vr-r\le- L300 

Coma. Union ___ 2.000 

Co«B.Cold..... ; ... 377 

1,600 

CtmauUs - LUO 

Dee Corea 3,400 

DinmGm 2300 

EngEPtCUttCtiN' 304 


809 


Fremi. 


GcAAcddent^— - 

Sen. Elect .... 

Gton— 


FT -ACTUARIES INDICES 


These Indices are the joint compilation of the Financial Times, 
the Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 


Figures in parentheses *w» number of 
stocks per section 


Thursday March 19 1987 

Wed 

Uvcft 

IB 

Toes 

MaRft 

17 

Moo 

Marod 

16 

Year - 
ago 

(VprvJ 

Index 

No. 

Qiange 

% 

E9. 

Eanwss 

Yiekfib 

(MaO 

Grow 
[ftv. 
Yieti% 
(ACT at 
29%) 

Esl 

WE 

Ratio 

(Net) 

id aft 
1987 
to date 

hide* 

No. 

Me* 

No. 

IndB 

No. 

hide* 

No. 


1 

CAPITAL fiOODS (208) 

85741 

-05 

7 >14 

3.08 

17JH 

206 

(86195 

!aS935 

(85549 

719.78 

2 

Building Materials (27) 


-03 

7A5 

332 

1636 

072 


SEE 

M'i-; V - 

81746 

3 

Contracting, Construction (29) — 


-L5 

6.93 

3^2 

19.80 

258 





4 


2090.95 

-03 

731 

3.76 

1731 

139 


TTtTT’ 





1947.09 

-03 

734 

230 

1730 

1041 


Ly-lH'. 



6 

Mechanical Engineering (60) 

47905 

-03 

833 

331 

1532 

104 

rrrr 


147952 

40938 

8 

Metals and Metal Forming (7) — 

455 55 

-03 

7.95 

337 

1537 

ooo 

'LJVf 


nv 




325JM 

-03 

&47 

333 

13.62 

048 





18 

Other industrial Materials 120) 

145L63 

-03 

632 

370 

1952 

254 

!T5T 



131344 

21 

CONSUMER GROUP (187) 

117255 

-0.9 

025 

2.73 

20-60 

251 




9322 

22 

Brewers and Distillers (22) — ... — . — 

1079A0 

-0.7 

7.91 

331 

15.89 

355 

'vrl'. 



95181 

25 

Food Manufacturing (25) — — 

876.03 

-03 

735 

332 

1700 

231 


utiil 

FiT 


26 

Food Retailing (16) — 

2Z&7J6 

-03 

5-82 

236 

23.85 

955 


r**ri 



27 

Health and Household Products OQ) - 

2334.26 

-12 

007 

164 

2849 

028 




1H5J6 

29 

Leisure (32) — — 

1223.72 

+0.7 

634 

3.43 

2148 

836 


1202.98 

119558 

94640 

31 

Packaging & Paper (14) — 

587.14 

-13 

6.01 

239 

2161 

056 


604.92 

59942- 

*9.97 

32 


3S64J0 

-23 

539 

333 

2258 

341 

3635.98 

366343 

366247 

232446 

34 


99L97 

-16 

634 

2.74 

2079 

125 

200752 

101545 

1006J2 

90603 

35 

Textiles 0.7) 

68431 

+03 

733 

2.97 

1559 

007 

68198 

68353 

67754 

55070 

40 

OTHER GROUPS (87) 

96833 

HL4 

834 

3.49 

1533 

338 

97232 

97151 

96804 

83540 

41 

Agencies 07) . 

138S.75 

-0.9 

4.48 

L79 

3021 

333 

1398.73 

140436 

141055 

04 

42 

Chemicals (21) .. 

119823 

+0.6 

8JS 

3*7 

1446 

1534 

119150 

121740 

122346 

91636 

43 

Conglomerates (12) 

1267.69 

-12 

091 

347 

1703 

240 

128300 

129436 

128945 

04 

45 

Shipping and Transport (ID _ 

195223 

-05 

637 

402 

1752 

050 

196192 

196808 

197145 

164544 

47 

Telephone Networks 12) 

99126 

-05 

9j43 

389 

1445 

109 

99640 

97037 

96153 

100345 

48 

Miscellaneous (24) 

1322.72 

-04 

938 

308 

1238 

333 




102409. 

49 


Ecssn 

C3 


» I- 

17.95 

Km 

FTZTH 


ll3K'1 


51 

Oil & Gas 08) — 

w&ri 

era 

■ITrU 



Em 

FTTTFTi 

FF’?7Z 



P 



B3* 

■/.] 

E3 


■cm 

EHiZ3 

PTTTTJ 1 


89130! 


1 j ITH : H W Tn : IV\ 2 f kTil—P — 

rrzcTi 

-06 

— 

438 

— 

541 

68645 

C3D 

f* c Jf 1 

614.71 



72708 

-07 

1839 

5-26 

755 

1244 

73231 

E33 

it-.- T. -1 

68943 



98111 

-14 



438 

— 

OOO 

99442 

979.73 

96954 

87044 

■ ‘ V 





447 



242 

54118 

54348 

542.79 

49011 

67 


135639 

-OB 

836 

438 

1534 

1335 

1165.96 

118731 

1177.94 

122506 

68 

Merchant Banks (11) — 

370.49 

+15 

— 

336 

— 

002 

36508 

36745 

366.90 

34933 

69 


90121 

+02 

532 

337 

2449 

096 

90159 

90507 

91097 

74255 



455J3 

+oi 

738 

336 

1740 

186 

45459 

45145 

45143 

35083 1 


■ li '1-: • 1 1 1 , : 1 ,Tt!i vJ l - J '-ktj| 

dsn 



241 

— 

446 

97936 

97075 

97224 

74584 



388L44 


8.05 

432 

1450 

189 

38143 

38341 

38450 

31199 



Esa 


9 m 

4.97 

1342 

1004 

90445 

90554 

90245 

67744,. 

P 

»'^i ; n ,-n i , | , ! sr, tl t 

E23 


El! 

KH1! 


M.r-(P77prTlp,V l |,',H 


81048.' 

■ 


(E3 

153' 

Day's 

Day's 

i.'.nsi 

March 

B.'.nr=nl 

FH3| 

I'g.ii 

KOI 

m 


■31 


HjlU' Jl 

Low 

■EH 

17 

Oi 

Rail 

■call 


m 

FT-SE100 SHARE INDEX* 

19910 

-153 

20006 

19853 

2D065 

20063 

199141 

200081 

1989.71 

16684 


FIXED INTEREST 


PRICE 

INDICES 

Ttars 

Man* 

19 

Oafs 

change 

% 

Wed 

Man* 

IS 

Q 

ml aft 
1987 
td date 


Briti* entrant 






1 

5 yean. — ■■ 

12445 

+007 

12531 

085 

2.77 

2 

5-15rcars>__— 

14630 

+OU 

146J5 

— 

249 

3 

Orer 15 years — 

35502 

+002 

15546 

036 

3-45 

4 

Irredeemables — 

17204 

+007 

17184 

— 

142 

5 

AH stocks — ; — 

14154 

+008 

14137 

035 

235 


Index-Linked 






6 

5 years 

11940 

-043 

11942 

— 

083 

7 

Over 5 years 

12202 

-036 

tttti 

— 

088 

8 

Alt stocks — . — 

12159 

-024 

1Z1M 

— 

036 

9 

IfbniBtiALflMi. 

22894 

+OU 


— 

157 

m 

Preference 

8708 

— 

8709 




AVERAGE GROSS 
REDEMPTION YIELDS 


IB 


British 

Low 5 

Coupons 15 

25 

Medium 5 

Coupons 15 

25 

High 5 

Coupons 15 

25 

Irredeemables 


years 

5W. 

years. 
years- 


jm 

years. 

years — - 

years. — 


years 


Index-United 
Inflat'd rate 594 
Inflatfn rate 5% 
Irrfto'n rate 10% 
Inftat'n ran 10% 


5yis... 

Ower5jT5_.. 

5yrs.. 

OverSyrs.. 


Dels A 5 years....J 

Loan 15 years. 1 

25 years. 


Thurs 

March 

M 


LOO 

L72 

8.72 

L68 

L92 

8.99 

8J3 

9035 

8.91 

8J5 


232 

333 

0.95 

339 


935 

935 

939 


W-78 


Wed - 
Mart* 
IS 


832 

8.72 

&73 

835 

835 

835 

835 
9L05 
L91 

836 


239 

332 
0-92 

333 


937 

935 

9.91 

1IL78 


-.Year’ 

<mi 


836 

839 

&» 

936 

898 

M2 

933 

9M 

930 

8M 


433 
33 1 
33V 
335 


UL20 

HUB 

9.96 

1145 


♦Opening Mex 19893; 10 am 1989.9; U am 19963; Noon 19963; 1 pm 1997.7; 2 pm 19973; 3 pm 19853; 330 pm 1987.4; 4 pm 19673 


t Flat yield. H ighs and lows record, base dates, values and constitum changes are published In Satordsty issues. A new 4 1st of constHtwits 
nailable from tite PHUisfters,the Finantial Times, Bracken House, Catmon Street, London EC4P 4BY, p-ice Up, typon32p. . 



Swimesa - 
HammenonPrep^ 
Hanson Trust— 
Hawker SUd — — 

HJfiBJotm Htgs 

in 


hop. Cool to- 


753 
320 
MOD 
2300 
• 737 
- 1200 
■ 2300 
813 
- 293 
1300 
11300 
275 
8,700 
859 
6,600 
2000 
280 
1>500 


Rmwtree Ua c 1 ^;^ 

Ryt Biricnf Scudand. 

Ro jai, Inso ranee. 

SaHehl A SaatcW ' 297 

1300 

750 
3,000 
912 

i Tram Tim 
SmHb & Nephew ' 3300 
aandartCtouiu. . 627: 

^300 

SimAlllance^l— - . . 209- 
TS8 




.TfauseTorte — ... . $300 


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394 
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299 
340 


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:.:v7i 

415 - -18 
696-.,- - -38 > 

- 819 -5 

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■‘HQ’.'-'-* 

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534- . ; -6 * 

4BD- **%>.■*.'- 

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347 

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378. ,r5. : 

;m&. --A -— 

278--. -r-' • ; l . v 

458 ‘ • 

328: rS. 

‘ 4Z3 - -6 • - 

- 809; ; -12 



JOSES AND FAUS YESTERDAY 


■ " Vi tl .»• -T*. 

: -f-. W tract nil tr- .1 

il=r. 


British FonPs . 


Corporatlam, Dominlanaiid Foreign Bands.'— ^ 
Industrials . 


Financial and Properties , 
(Mis 


Plantations. 
Mines 


Others . 


Rises 

57 

27 

98 

• 31 

• !•' 

•69 
.71 - 


Falls 
33 
- O 
.647 
224 
39. 
• .5 
31 
: 56 


Same 

•23 

42 

559: 

■265 

42- 

a ; 

•- 80: 

72 




0VER-TH1 


Totals 


1,035 


ijm 


:.-4- . «nn»l frem 


LONDON RECENT ISSUES 


i .... 

4.1 •; 


EQUITIES 


tr-i \ ~ 

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> * x- ■ 


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SI 

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WO 

FJr. 

■ — 

180 

160 


-179 



HJb 

1.7 

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30 a 

87 

65 

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80 

-1 

L05 

bJb 

0.9 

205 

GUS 

F JP. 

— 

353 

2/2 ■ 

BwtwBT Indw 

343 


MJQ 

3J 

16 

27.9 

■ 1 

125 


3N 

63 

HZ 

104 

Britt* Akways — — 

: 59 
122 

+*a 

-2 

1925 

RLO 

i2 

2A- 

68 

46 

148 

103 

125 

F.P. 

270 

188 : 

127 

GteiulRrtBolOp 

188 


w5X 

18 

37 

204 

fUC 

FJ>. 

200 

133 

123 


130 


R4! 

25 

49 

113 

*125 

F.P. 

— 

07 

133 

fToi ward Gti»p Sp — 

137 

+1 

UZ2. 

32 

23* 

183 

♦70 

FJ». 

2 Z 0 

92 

80 


91 

+1 

R 2.1 

21 

4 2 

163 

vaa 

FJ». 

m 

370 

315 


365 

-5 

U62S 

22 

24 

278 

II 

FA 

— 

£ 1 2U, 

£LMi 


<004 





108 

it 

F.P. 


130 

115 


115 




v 



KP. 

16M 

146 

135 


135 


LU 

28 J 

38 

16.4 

«5 

F.P. 


135 

108- 


131 

—4 

R2X 

3.7 

22 

US 

flOO 

F4». 


109 

1 W 

P*riteis French Im. Tst 

108 

+1 

- 




■ --3 

F4. 

— 

193 

180 

Perpelsal J,0p 

191. 


ft! 

4vS 

18 

168 

— 

F.P. 

— 

.3 

Z 


.. Z 

B|rTT 

- 




120 

FJP. 

260 

155 

127 


150 


0426 

225 

40 

141 

♦95 



UR 

97 

RCOiQp ; — 

101 


L3.91 


13 

124 

#30 

FJP 

an 

«? ■ 

27 

c r .'i .;.*■! sTrmmm 

■W 

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41 

10 - 

MA~ 

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f-P- 

- — 

101 ■ 

mo 


100 






— 

FJ*. 

' — 

32 

25 


32 





- . 

. _ • 


F.P. 

7M 

152 

120 


141 

-1 

«426 

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43 

164 

210 

FJP. 

24H 

253 

238 


252 


aSX 



106 

— 

FJ>. 

■a 

HIM 

97 * 


111 






♦90 

Fa.. 

Ej 

101 

■97 


200 

r T.r’, 

R 22 

2J 

XX 

166 

#135 

Fa 

mm 

177 

148 

ji . ... j' lli-A ^ 

173 

+2 

13.75 

380 

31 

122 - 

— 


WO 

248 

220 

33T ?? ywmmu 

250 

+7 





A30 

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zm 

183 

148 


176 


a3L5 

38 

28 

373 

130 

Fa. 

160 

|UH 

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in 


134 

30 

34 

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# 1 «» 

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170 


181 


R25 

38 

19 

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1 - M = “• “ ’ ^ ; 


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Price 

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m 


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Date 


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134 
IK 


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Da . 10y%Ms.7J388; 


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l -»a *;■ ,v 

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S*.$Ss 

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'£?ESW 



CANADA 


Mgk Lm den Dug 


TORONTO 

Prices at 2.30pm 
March 19 


Ills AUCA lm 611% 10?. ilia 
6600 Abortom J$% 6% 6', 

12850 A trite Pr 54112 40ij 41% 
4000 Ayrico e *31% 311} 31V 
10S9S8 Atom En 121 JOij 30b 
14300 Alans N Slav 14% is 
128676 Mean SSPj 49% 5B% 

GO W®g CM *21% 21% 21 V 
; IMS* Aigoma SI *11% 11% 11% 
94322 Asmra *13% 13% 13% 
70150 Ateo I 1 *10% 10% 10% 

, 1100 Asa n *10% 10% n% 

**677 BC Sufar A SZ7% 25% 26% 
2300 BCR A *11*4 11% 11% 
4800 BP Canada *45% 44% 44% 
l 1700 BanMw C W a 0% B% 
22910 8k BCol >9 76 70 

97724 Bk Mona *36% 34% 35% 
310444 Bk NScot *20% 19% 20% 

329763 Beil Can 1*3% 43% 43% 
576329 Bow VVy *20% 10% 20% 
3800 B ratoon* 140 130 130 

5470 Bramaiea *26 25% 26 

06207 Braacan A *38% 37% 38% 

2*6200 Brkwatar #3% 8% 8% 

500 Brands M *11% 11% 11% 

20630 BC Forp *21% 21% 21% 
38*60 BC Has 12* 118 122 

7865 BC PhOM *20% 20% 29% 

2800 Brunawk *13% 13% 13% 
84264 CAE *12% 12% 12% 

8353 GO. B I *15 14% 15 

3000 CO. £28% 29% 29% 

107608 Cad Frv *33% 33% 33% 
66800 Carrttertda *27% 27% 27% 
189000 Comp RLk *33% 33% 33% 
4472 Comp Rn 225 223 225 

4300 Camp Soup *21% 21% 21% 
32610 Campeau r 331% 31 31% 

32977 CCem ex p *16% 16 18% 

865574 CDC I *10% 10 10 

344 Can Halt *21% 21% 21% 
507622 C Nor West *20% 10% 20 

*350 C Packra *17% 17 17% 

1500 CS Rota I 490 480 480 

1600 Can Trim 569 63% 09 

1000 Ccta GE *24 24 24 

737 CQ Invest *53% 53% 53% 
132081 Cl Bk Cora *22% 22 22% 

16600 C Marconi *21% 21% 21% 
125 IS C Ocdancai *34% 33% 34>< 

3949*3 CP Ltd 524% 24% 24% 

140543 CTlra A f *16% 16 16% 


NEW YORK-osw 


Ste Stock wob 
12105 CUW A ( 521% 

1230 ClMi B £21% 
91250 Cantor £31% 
300 Canron A Stt 
4000 Cara 51?, 

2350 Cara A ( £11% 

1660 Cart OK 117% 
17000 Coma A 16 

i 9100 C at aneaa 521% 

8300 CortFd A *7% 

5200 CMMan *12% 
337023 CaMneo *18% 
6308 Computtog *8% 
7100 Comput In 360 
2500 Conaarm 68 
0*036 Con Ban A *22% 
44500 COhab B I 435 
15384 Cons Gas *27% 
2250 Con Glass 528 
000 CTL Bank *17 
5181 Comm B 514% 
705 Corfiy *21% 
13050 C Falcon C *23% 
33980 Gowks H 69 
12030 CostaM LSI *14% 
700 Cimu 522% 
19188 Crowns A I £10 
30600 Car Ra 208 
16790 Denison A p *8% 
207698 Dodson B I *7% 
700 Ctovrtcon 280 
13210 Dtcknsn A « *11% 
400 DickRsn B *11% 
06107 Pntoico *25% 
17S5»3 Oom* Mine *15% 
142675 Dams Pate 111 
202 D Textta *18% 
19626 Donor *45% 
10S990 Donohue 540% 
1450 Du Pont A 556 
17300 DyHnc A Stfi 
35276 E«3» Bay 545% 
1000 Emco *1* 

22900 Equity Svr *81, 
303400 FCA hid 818% 
75585 Rcnsntg $20% 
161572 Fad tod A *1% 
B00 Fed Pion *13% 
4700 FCfty Hn *18 
730 Ford Coda *165 
75200 Canned $12% 
3000 Candor A *16 
60 GUM Yk *21 
3300 Gtorttar $9% 
20350 Gotocorp J *9% 
3500 Grafton A I S1914 
1478 GL Forest £*«% 
4500 Craytmd *27% 
12800 GUtoPA I IIS's 
112487 GuH Can *33 


Saha Sad 
CSSS KayM O 
10750 Naas tod 
23132 H BayMn s 
£470 H Bay Co 
B2635 Husky 06 
44284 tousco 
127025 Imp OH A 
29191 toco 
18100 Indai 
1600 Maud Gas 
12300 hnopac 
66750 Inter City 
164750 tod Thom 
5044 bnpr Ptpo 
3680 Ipaco 
148600 Ivbco A f 
15000 hmeo B 
4000 Jamac 
3583 Kerr Add 
4800 Kkma Gid 
31738 LabaB 
44205 LL Lae 
163355 Lacan* 
20*35 LaMlaw A 
94432 LaW* B ( 
17510 Leigh Inst 
4222 Lritew Co 
9040 Lumonlcs 
3700 WCC 

100 usn E* 

23897 Mdan H X 
50149 Mdn HY l 
25278 Macmllan 
20850 Magna A I 
2850 Maritime I 
BOD Me Myra 
6700 Mbiri Rob 
117400 MIM Carp 
42503 Malm A I 
1652 Monaco A ( 
9350 M Triwco 
287229 Moor* 

600 Murphy 
21689 Not Bk Can 
1190* Nt VQ Tree 
500 Nil CapA f 
4320 NfU LP A 
155*37 Noranda 
17484 Norcan 
16018 Norcn ord I 
4550 NC Oils 
30182 Nor Tel 
10200 Nortflflal 
625357 Nva ARA I 
3327 Nu Meet 
31900 Numac 
3900 Oakwood 
1700 Osfcwd A r 
41814 Ooetot B f 
6800 Omega Hyd 


(par Dots Oag 
11% IS 
35% 35% +% 

9 9% +% 

27% 27% -% 
11% 1*» "% 
37% 37% -% 
69% 68% -1% 
20% 20% +% 
15% 15% -% 

131, 13% +% 

15% 15% +% 
18% 18% -% 
15% 15% +% 

48% 48% +% 

9% 10% +1% 

17% 18% +T% 

17% 17% +% 

42% 42% -% 

23 23% -% 

32 32 -% 

24% 25% -% 
38% 38% -% 
14 14% -% 

28% 27% + 1% 

25% 26 +7 a * 

5% 6% 

14% 14% + % 
8% fflj -% 
12% 13 

225 225 +10 

22 % 22 % 

10 % 20 % +% 
821, 821, -% 
29<2 29% +% 
«%«%+% 
44 44 

295 285 

7% 7% -% 

25% 25% 

390 390 -10 

15% 15% -% 

31% 32% +% 
25% 25% -% 
17% 17% +% 

25% 26% -% 

11 11 
20<, 20% +% 
30% 30% -% 

23% 2S% -% 

21 % 21 % -% 
MS, 147, 

571, 57% -% 

f r* - 1 * 

37 as +1 , 

305 390 + 30 

160 165 +5 

5% 5% 

6 % 6 % -% 


SDN Sad 

2660 Ottawa A I 
1 91903 PoCW Ah) 
138078 Pgurhl A I 
2058 Parnour 
14310 PanGsn P 
20902 Pegasus 
52300 Pembina 
22530 PJewl ft f 
386 Pine Point 
112810 Ptaeor O 
1440*1 Pow Pet 
86100 Powr Cor ( 
25299 Preeamt* 
5990 Pnwlgn 
1200 Que Sturg 
183908 Ranger 
3200 Reyrack 1 
87500 Radpath 
101 DO Reglar* R 
20S058 Rto Atgcrni 
1300 Roger* A 
93104 Rogers 0 t 
6*80 Roman 
8D0 Rothman 
184813 Royal Bnk 
20958 RyTrco A 
72366 Royax 
2040 SHL Syet 
3000 SL CemA ( 
68835 Sceptre 
1022 Scot Paper 


High Lbb 
£ 23% 22% 
529% 28% 
£16% IB's 

£14% 14% 

£33% 33% 
£ 20 % 20 % 
516% 16% 

*W% 14 
£10% TO*, 
*41% 40% 
£16% W% 
*20 19% 

300 278 

$21% a?. 

If s 

S* S 
210 200 
523% 22% 
*23 23 

*23% 23 
*19 19 

*66 66 * 
335% 347, 
*34% 3*% 
S5 485 
628% 28% 
524% 24% 
400 395 

£19 18% 


Bate Bug 
23% -% 
W% -1 
10% +% 
14% +% 

33% +% 
20 % 

16% -% 
141, 

10% -•« 

40», +% 

161j + % 

1*0 +% 


£■ 

67, 

9ij +% 

15 -% 

209 -2 

231, +% 
23 

23% +% 
19 

68 -1 
35 % +% 
34% -% 

400 -10 

28% +% 
24% -% 

400 

18% -% 


F-No voUng nghb or restricted voting 
rights. 


MONTREAL 
Closing prices March 18 


IBank Mont 
BombrdrA 
! BombrdrB 
CB Pali 
Cascadm 
I ConBath 
DomTnA 
i Mn first 
NaiBk Cd* 
Noverco 
i Power Corp 
Prwlflo 
RollandA 
Royal Bank 
BtolntKgA 


34% 347, 
24% 25% 
247, 25% 
23 23% 

137, 14 
22 % 22 % 
18's 107, 
15% 15% 
16% 17 

13% 13% 
18% 19% 

21 21 % 
18 10 
3*% 34% 
42 421, 


Total Sales 11,081,310 shares 


Indices 



Rtadi 

IS 

Math 

1* 

Math 

17 

Monk 

18 

(tank 

13 

Inriutribfc 

unar 


zasu 

124844 

2JSUS 

Timport 

M27I* 

83841 

sous 

*3047 

83502 

mate 

07 J4* 

ZTM 

217.(7 

21500 

21*05 

Tartar wl 

- 

Ittte 

mala 

13433X 

IHLSTm 

T — 2T 


1868/87 ) fines Cunplttina 


Mar. Mar. ! Mar. > Mar. 1086/67 

IB j 18 17 | 16 ! High I LOW 


"V “ "P “ All Ord. (1/1/90) 1640.1 I 10B8J 1099.4 1 1B29.2 16M.«19 jS/ 87J 11019.9 «(1zM) 

wm'si i Sph wraTm aiW~ Metals A Mnls. (HIM) 816.9 . aiUI 8BBJ7 ■ 000.4 8 16 10/5/87) ( 481.1(20/1/061 

nWrtU22/1/« (IWMn Bfl/32) AUSTRIA ! 

i CredltbkAktlBn(50f 12/84 201.58 201.75 205J0 (u) I 26B.S4 (25/4) 1280^702/2)07) 

9S&21 mst BUI UL32 , , L, 

00/fil 0/I/SB) S/3/87] 0/7/32) BELGIUM 

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Wednesday 


1IJ6U |U5Ll| USB I (0*90 [T8/3/87] ( 1.38*0 (22/1/81] 


NEW YORK ACTIVE STOCKS 

Change 


Philips Pet ... 4.4WBJW0 

USX 8.14OJO0 

Amur. Express . 2390.900 

Salomon 2.843.000 

Occldencsl Pet. ^703.700 


Stocks Closing on 
traded price day 

40&6GO 15% + % 

140^00 277, +t% 

990.900 78% +1 

843.000 41% +1% 

703,700 33% +1% 


Change 

Stocks Closing on 
traded price day 

5cblumberger 2,884,800 40 + % 

Bristol Myers... 2.547.500 107 +4% 

Osk Industs. ... 1 .910.100 1% + % 

AT0T 1,803.800 23% -1% 

IBM 1397.000 146% - % 


Avesta rises sharply 
after restructuring 


Saturday March 14: Japan Nikkai (e). TSE (c). 

Bias value of all Indices era 100 except Bruasala SB — 1.000. JSE Gold — 
255,7. JSC fnduacrlaia— 284.3, and Australia. All Ordinary and Metals— 500: 
NYSE All Common— 60: Standard end Poors — 10s and Toronto Composite and 
Metals— 1.000, Toronto Indices baaed 1975 and Montreal Portfolio 4/1/B3. 
t Excluding bonds. 4400 Industrials plus 40 Utilities, 40 FinaaeiAla and 20 
Transports, c Closed, u Unavailable. 

US housing starts 
‘poised for fall’ 


BY SARA WEBB M STOCKHOLM 


AVESTA. the Swedish stainless 
steel manufacturer, quadrupled its 
profits in 1986 chiefly as a result of 
restructuring measures. 

Profits aftw financial item* 
reached SKr 240m (537.5m) com- 
pared with SKr 60m in 1985, and 
the company is for ec asti n g profits 
of SKr 300m in 1987. 

Safes fell 5 per cent to SKr 5-2bn 
in 1986, compared with SKr 5J36fam 
the previous year, and this was 
[largely due to the fall in prices for 
raw materials such as nickel which 
.led to increased price competition 
'in the stainless steel mariseL 


Stainless steel prices fell by be- 
tween 5 per cent and 7 per cent in 
the Swedish market and by about 
20 per cent in terms of the D-Mark 
which affected Avest&’s income 
from West Germany, its second-big- 


Since 1984, Avesta has sold off its 
saw mill and hydropower interests 
for a total of SKr lbn. 

This sum was to be invested over 
four years in plant closures wnri in 
increasing the efficiency of its steel 
mills- Avesta Haims efficiency has 
been increased by no to 25 per cent. 

The Avesta board is giving a divi- 
dend fOr the first time of SKr 0-6. 


Elsevier ahead by 21% 


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22 22 - % 
45% 45%+ % 
27% 27% - % 


BY LAURA RAUN M AMSTERDAM 


BY OUR RNAN&AL STAFF 

HOUSING STABTS in the US are 
poised for a downturn, according to 
Mr Jeffrey Silverman, Hini+nian of 
Ply-Gem Industries, which mafep* 
and dist ributes speciality wood and 
vinyl products for the borne- im- 
provement market 
Mr Silverman said in r*mWnti 
that housing starts - a leading indi- 
cator of VS economic health - wane 
unlikely to repeat the kind of “mete- 
oric rises" seen in the past for many 
years: “I don’t expect housing starts 
to return to the lm level again in 
my lifetime." 

However, his company, which 
has just announced record pro fi ts 
and sales for 1988, had adopted a 
policy aimed at insulating jt from 
most of the effects of any downturn 

in bringing gtyr to 
"1 don't say we will be completely 
protected, but we are prepared for 
any dip in the figures/ 

Mr Silverman explained that the 


company concentrated largely on 
sates to owners of existing homes 
and that the eight acquisitions of 
home improvement-related compa- 
nies made by Fly-Gem sin ce 1962 
had reinforced this policy. 

Ply-Gem's income for 1986 
showed a 130 per cent rise to S8 lm 
c ompar ed with 1985*s earnings of 
33J5ni. Earnings per share in- 
creased to 92 cents in 1888 against 
52 cents a year earlier. Turnover for 
the year was up 38 per cent at a re- 
cord S22d.4m compared with 
S168fen in 1085. 

In the final quarter of last year 
PlyGem acquired two companies — 
Variform and Great lakes Window 
- in order to widen its infhwira jg 
tiie home improvement market, Mr 
SQverman said. 

The timely conversion of S37aaf 
debt into equity further streng- 
thened the finanriftt condition of 
the company,” 


Chief price changes 
LONDON far pence mdess otherwise indie 


RISES: 
Abbeycrest — 
Atemn — 

Gentrovioc — 

Collins (Win)* 

Consultants — 


215+15 
264+J 
320 + 42 
595 + 25 
242 +® 


Fields (Mrs.) — ■ 
Helical Bar — ■ 

Hseofterose— 

jjeLangh&H- 
Morland — — - 


213+11% 
620 + 30 
196+7 
810 +108% 
165 + 17 
548 + 30 


Noreros 

Parkland A, — 

Rothmans 

Huntsman (ff.), 

Smurfit (J.) 

Standard Secs. - 
Ward Storeys — 
FAILS: 

BarrattDer 

BP- 


389 + 10 
154+7 
256 +9 
201+16 
461+11 
253+13 
482 +26 


184 - 1314 Wimpey (G.) 
816 — 12 Woolworth- 


Crown House , 
Gilbert Hse— . 
Legal & Gen- 
T<»1 T/vndrin — 
Superdrug — 
Tate & Lyle— 
Underwoods- 


235 - 10 
98-17 
299 - 12 
570 - 60 
400 - 25 
752 - 17 
216—34 
96-9 
231-10 
809 - 12 


TCT.SE V 1 BR, the Dutch pnNfahing 1 
I company, boosted its net income by 
21 per cent to H 123m (350.4m) in 
1986 from FI 101m the year before 
aa improvements in dj w/ri<>ns g«* 
cept popular book publishing. 

Sales edged up 3 per cent to FZ 
157bn from FI I53hn, the company 
said. Elsevier also said it would car- 
ry out a five-for-one share split on 
May 5. An unchanged dividend of FI 
4 a share for 1986 was Rrmromrad. 




The company, which is hased in , 

Amsterdam, expects to lift its prof- : 

its again this year. The book divi- 
sion is being pruned to make it 

more profitable. 

Elsevier publishes newspapers, 
pmgflwwpg, books and scientific 
journals. It is one of the largest 
publishers of English language 
scientific journals in foe world and 
is expanding rapidly in the US. 


Complimentary copies 

of the Financial Times are now available 
to clients of Heli-Air Monaco. 


FINANGIALT1MES 

EUROPE’S BUSINESS NEWSfKPER 


m onoc o 


CANNES/GRENOBLE/LYON/MONACO / 
NICEimRIS/STRASBOURG/TOULOUSE 
Your subscription copy of the FINANCIAL TIMES can be hand-delivered 
to your office in the centre of any of the dties listed above. 

For details contact Ben Hughes. Tel: 01 4297 0630. Telex 220044 


¥ ... 


- # 


I 













































48 






... 


0 Financial Times i^iday March 20 198T T 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


12 


law Stack 


33 Z0% AAR I 

37 21'? ADT 

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3*2 TV Verity 1598 3% 2*. 2% 

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31V W1COR£6Q 8513 69 40 39V 40 +% 

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16 274 338 331 334 +1%! 


101% 52% Tal«X 
78% 44% Tenpin .72 
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40 25% Texaco 3 85 12 48*0 33% 35** 35% -% 

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12151 138101 


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S* Trinft* JO £0 51 934 M, *V* 2gi 

g 2*4 Trinow 8 1 1-8® <n 84% 8*8 +% 

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TuewMdW 03 12 4C 57% 56% S9% -% 

S S Tu^«* 32 1.7 15 2888 20% 18% ~Jb 

2% w!nD«.» 3J * £<. tS 

S a TycoS JO 6 M 118848% 

S tT% T 2m .40 £9 21 154 14 13*, 13*, 


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\X u u 

1 1.7238 8734 39% 8fc SB +2 
33 111 33% 32% 33 +% 


28 34 72 21% 2TV 21% 

279 7% 7 7 

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1.4 23 824 37% 37% 37** -% 

13 18 180 45 44% 44% -% 

£3 12 751 81 58% 61 +1% 

7.6 z500 13% 13% 13% 

32% 18% WmC a .40 1.3 25 3059 32 31% 31% +% 

63% 46% WmC pf383 5J 1110 82% 81% 821, +% 

78V 50V Wamri-tSB £2 18 Z7S 77% 78V 77 -% 

30% 23% WaahGO.78 84 12 129 27% 28% 27% +% 

3S% SB** VfaMMMB 87 9 75 30% 29% 29% -% 

3ft 21% WehWt 2A0 84 S3 186 29% 20% 20% -% 

77** 41 Waste .71 .9 22 2013 78% 74% 78% +1% 


39% 29V Waigm .54 
50% 37 WriCSw.00 
61% 39% WadJml.40 
13% 10 WalU pi 1 


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18 

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wabbO £0 
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AMEX COMPOSITE CLOSING PRICES 


tetfc Oi 


?/ 9$ 

E 100* H0i law Data Otow 

ACJHW . 30 14% (4V M% 

ACfpl 120 3 1ft 1ft ift. 1 4 

AcmaftlMe 3 3 6 8 6 

Aeton 418 T% 2% 27«+ % 

A«iaif 51 SI 23% 23V 23% + % 

AlboW 2D 87 BV 8% SV + % 

AipneJn 538 7% 7% 7% + % 

ACSS 712224 34% 33 3ft + 1 

Amdahl 20 47 1354 38 37V 38 + V 

Ataraal Jla 10 84 20% O** 2BV+ % 

AMzsA J£ 11 SB 20% 201* 20% - V 

AMBU 60 4% 4% ft - % 

APatf 15 48*, 48% 46*, + », 

APreca .18 91 4 15% is% 15% 

ArnRoy* <79 u 8*0 B% 5*. + % 

ASdE 37 31 ft ft ft + % 

Ampal £8 9 88 21, 2 2%+% 

Andal 3 3 8% B% 8% 

AndJcb 3 3 J j 

ArzOmt 15 9% 8% ft - % 

Amen ID A 2% 2V + % 

Anrndl 11 77 723% 223% 230% 4 % 

Asms £0 3674 uK)% 10% 1ft + % 

Axtrote 961 V V V+M6I 

Atorin 28 437 zn 4 2ft Z7% 

Adxcu 358 1% 1 1-% 

Adaawt «8 7% ft ft- % 

B B 

BAT 20b 1303 B 5-16 ft 6% +1-16 

Bantrg 46 ft ft ft + % 

BaryRG 11 82 10 ft ft- % 

Baruch 4 8 B 8 + % 

BargBr 22 16 106 2ft 24% 24% - % 

BtaCp JO 17 683ft 33% 33% + % 

BtflV 44 14 54 Ml, 14*2 14% - V 

BMMt | 13 22 2ft 29% 2ft + % 

EttountA AS 29 130 14 13V 133* - 1* 

BkHflMB .40 28 3 13% 13% 13% 

BowVoUOr 234 ulft IS 15% + % 

Bowmr 18 22 2*, 2% Z% 

Bowne 50 IB 1083 u39% 37% 38% + 1% 

Bracnfl JS 19 334 u2B% 28% 29 + % 

c c 

COI 19 2 31% 81% 31% - % 

CMI Cp 113 3% 3% 3% 

CetpropSOt M 274 13% 12*, 13*,- % 

Cameo .44 26 37 173% 77% 77% - % 

CUareg £8 46 16*4 18 18% 

CaaUA .BCD 483 4 14% 14% 14t, 

CtryBu 11 1 2ft 2ft 3ft + % 

CnmpH 488 ft 1 11-13 1 11-13 

CtonpP .72 20 60 59% 57V 591, +2 
CMMdA £4 W 288 24% 23% 23% 

CIURvIJOa 2D 10 21% 21 21 - % 

CMDtfl 80 u ft ft ft- % 

Clydes 1.20 13 4 «p* 43% 43V + % 

CmpCn 179 ft ft ft — % 

Cnchm AOa 15 25 247, 247, 2ft + 1* 

ConofF 44 22 11% 17% 17% + % 

ConrCp 11 8*4 8% 6*4 

CoraOG 199 1% 1% 1% 

Conatm 13 88 1ft 13V lft 

Cornua 13 3 23% 23% 23% - % 

Cross UO 21 80 54% 5ft 533* - V 

CmCP 0 18*, 18 18% 

CrCPB 5 1S% 15% 15% 

CwCPpn.82 5 29 29 29 + % 

Cv»CplD2£5 40 u28% 28% 283* + % 


ft St 

Sack DM E 1011* Hi* law CJata Bqa 

Cubic J9 81 213 ift ift lft+% 
Curtice 56 18 21 40 3ft 40 

D D 

DWG .OH 6U 5 4% 5 

Daman 704 % 5-18 V+t-lj 

DataPd .18 22 512 13% 13% 1ft | 

Dakned 618 1 % % 7. + 1-1^ 

DUIard .12 19 330 44% 43% 44% + % 


Plodes 
Dome? 
Domtra 1 
DrHUr 
Dueam JO 


5 

1011 


ft 3% ft 


r/ Sb _ _ 

EH* E 100* Mgh Uw Pm Cbngi 
MuBkyg JO XS ft ft ft - % 

I 1 

tCHX 55210 17% 181, 17 - % 

.16 25 2 7*4 ft 7% 


bnpOHgl.SD 
IratSy 
tasSypi J5i 
MC%g JO 
Intmfes .10 


% 13-18 13-18-1-18 IntSkm 


EAC 

EogJCJ 


611 343* 337, 3ft+ 7, 

1 7% 1% 1% 

40 19% 1ft 191* 

E E 

» 67, BV ft+ % 

34 ft 2% 2% 

Estgp £90a 10 35 31% 31% 31% - % 

EchoBg .14 885 347, 34% 347, 

EcoCn 191 2ft 24% 25 

Etsmor 211 ft 3% 3% - V 

EmpAnJ6s 735 8% ft 6%+ % 

Eftbft 80t 14% 14% lft 

Exoey AO 15 3 lft lft lft - % 

F F 

Fatrind JQ 13 221u37% 3ft 37% +1% 
Rdan 2 24 6 ft 8 

FAumPtt f (002 8% ft 8%+ % 

Fact* Jit 33 32 157, ift ift - i* 

riRamg 13 2ft ft 6% - % 

Fluke 1J8t IB 108 28% 25% 2ft + % 

FMHG 13 72 ft ft ft- % 

FOrSLS 41 403 29% 2ft 29% - % 

PieqE* 20 47 27% 27% 27% - % 

FruhLfl 1587 ft ft ft + % 

FurVK JO 27 233 It*, 11% 11%- % 

Q ^ 

GW 19 80 8V ft ft- % 

GaixyO 508 % 5-16 5-16-1-16] 

GattJ IS t ft ft 

GtentF 50 « *40 31V 30V 31 + % 

Qnmg 20 SB 16% 157, 18 - % 

GteHttS JO 20 118 33*, 3 ft 33%+ 1* 

Glixnr lb 7 35 34V 3*V- % 

G»«Td 80 % 7-1S 7-16 

GmdAu 207 4 22V 22V 22V + % 

GnLkC 80 28 842 60% <ft 4B% - % 

Gramm 201 10% 10% 10% - % 

Gieinar 13 *1 13*, 137, 137,- % 

GrdCha .42 17 102 16 15% 15% - % 

Ghcoa 52 204BU227, 22% 2ft- % 

H H 

Hetml 17 488 4% 4% 4%- % 

HemptflJT! 8 20 12% 12% 12% 

Hesbm 09 75 823 26 25% 25% + % 

Htmcn 123 585 13% 12% 13*,+ % 

Kbvsto1J7e 1018 21 20*, 21 

Helco .10 8 111 34% 34 34 - V 

MarflEn 8 206 9% ft ft - % 

HerViO 207 u 5% 5 5% + % 

HQlIyCp 6 70 15% 1*V 15 + % 

MmoGp OSa 8 27 23% 23*, 2% 

HmeSha 5071 22% 21 22+1 

Hcmyoen 50 M% 1« 14% + % 

I Normal .60 21 38 38V 3ft 38% + % 

‘ HtnHor 960 13% 12% 12V + *■ 

HooOT .021 222 2 1*a 1% 

HovnEs 24 290 35 33% 33% - 7, 


HPwr 

froqSrcf 


-1 
2 %+ % 
8 + V 
14%- V 
13*, 

51*- % 
41*+ % 


881 53 52 

17 492 2% ft 

21 3 3 

12 41 14% 14% 

25 14 13% 

11 887 S% SV 

5 4% 4% 

10 28 35V 31V 34% - V 

J K 

45 24 n 10 10-1, 

Jetoan .771 11 34 8% 6% ft- V 

JahnPd S3 3% ft ft+ % 

JoMInd 10 W 28 23 23 - <* 

KeyCpn .12 4 8 1ft 10% 1ft - *4 

KayCoAJSe 13 S ft 4% ft - % 

Kmam ie so ft ft ft+ % 

Kirby 112 ft ft 3% 

KogarC240 533Z77u32% 31% 33 + % 

L L 

LdmkSw.lSa 0 9 10% 10% 10% - % 

Laser 18 91 14 13% M - % 

LeixurT 13 328 ft 8% ft - V 

Uatiraa 33 151 4i, 4% 4i* 

UonM 15 1750 ft 9% ft+ % 

L oriel 21 4175 21 1ft 21 +1% 

Umax J8 17 320 2ft 2ft 23% + 1% 

M M 

MCO Hd 105 137, ift 13% 

MCO Ra 35 9-18 % % 

MS* Dt 45 86 Ulft 1ft 1ft + % 

M8R 357 iV ft 1% 

MartP# .12 40 S 18*4 18 IB** - *■ 

MalRab 92 1ft 10 1ft + % 

Mxtox 17 556 12% dlft 1ft 
Medlm £4 52 93 62% 61% B2+% 

McftGn 709 11* 11, 1»,- 1, 

MlunWJBa 4 15 11% 11% 1ft + % 

AHWNE A4 89 1059 ulft >5*, 16 + % 

N N 

WPstnt .10 826 18% 15% 16% - % 

MklxAr 7 1 23% 23% 23%+ % 

NProe 1.180 16 22 30 30 SO 

NYTmosJB 292081 48 44*, 46 +1% 

NawbC J5r 32 ft 2% 27, + % 

NCdOG 2D 11% 11V 11% ~ % 

NudOl 7 ft ft ft 

Numac 38 215 ft ft 8%- V 

O P Q 

OEA 15 £7 2ft 23% 23*,+ % 

OOUap 44 7i* 7 7i*- % 

PallCps J4 26 1049 32 3ft 31% - V 

PE Cp 33 5>19 V *4 

ParintC JO 21 20 32% 32 32-% 

PTmIU) J3a 6 IBB 137, 13% 137, 

PionrSy 25 ft 3 3%- % 

PflDem 71 12 20 SO 20 

Pimmyl JO IB 6 108% K2S% 108% - V 

PtarOfl JO 353 31% 31 31%+ % 

PopaEv ICO 3 3 3 

P*OSkJ3 1441561/5% 5% 5% + V 

PrcCrn 72 11% 11% 11%+ % 


Slack Qm 

RBW .10 
Ragan .12 
Rambg .72 
‘Resit A 
RstAsB 
i RalAsA JOB 
Rckwy 32 
.12 


p / sa 

E lOBi ffigh low Oast Omg, 

R R 


SJW 


Salem 

ScMMto .30 

SBKCp JO 

SecCap JO 

Sol toon 

StHawn 

Stamm 

SleriEI 

SwrtStt 

StrufW 

Synaloy 

TIE 

TO 

TabPrs JO 

TandSr 

TchAm 

TcnSym 

TochTp 

Tetod 

TeMsnh 

TmplEn 

TexAJr 
TodPig JS 
TriSM 
TubMax 

UnVtyn 
UFoodA .« 
UFoodB 

UnlvR, 

UnvPat£25t 


18 15 7 7 

41 1ft lft 
168 147, 14*5 
733318 59% 58% 

12 21 1ft 10% 

11 3 u10% 10% 

21 142 12% i£% 

29 71 22»* 22% 

13 72 18% 18% 

S S 

1.68 11 9 37% 37 

40 ft 81, 


VtAmC .40b 

Vtftah 

Vomit 

Vertple 

WTC 

WangB .16 
WangC .11 
WasMts 
WshPMIja 


11 4% 4% 

15 34 111, 171* 

8 3 163 159 

36 6V ft 
29 750 10 ft 

7 ft 37, 
22 54 13% 13% 
163 10 1% 1% 

15 199 12% 12% 
U 1% 1% 

144 5% 5 

T T 

2438 3% 31* 

12 28 ft ft 

18 SB 16% 18% 
28 22 13% 13** 

40 31, 3% 

14 3 73 1ft 18V 

13 62 ft 5% 

1 4 4 

176 3 2% 

<88 11% 11% 
637594 407, 40 

18 242 24% 24% 

7 SB 19% 18% 
3 44 ft ft 

U U 

13 34 10% ft 

44 46 2% 2% 

46 6 2V 2V 

1 2% 2*, 

195 14 13% 

V W 


7 - 1, 
lft - *4 
14% 

S8%+ % 

1ft 

10%+ 1, 
12V + % 
22 %+ % 
16*4 

37%+ % 

ft 

4% 

17*4 - % 
159% -3% 
«%- V 
10 + 1 % 
ft 

13*4+ % 
1% 

ft+ % 

2L 1+ S 

w% 

13V- % 
ft 
1ft 
ft 

5 + * 

11V 

40V — % 
24V+ % 
19% + 7, 
2V 

1ft + V 

ft 

2V - % 
2 *,+ % 
14 - % 


Weflcos JS 
WallAm 
WeKM 
Wttbrg JO 
WCHgUI 
Wichita 
wiefcas 
Wdstrm .40 

Zlmer 


14 25 

21*8 

2TV 

21V 

2B 

ft 

7V 

ft 

12 474 

TO 

ft 

10 + % 

10 1*0 

7% 

ft 

ft 

76 

8*4 

6*1 

ft - % 

4364 

16% 

1ft 

1ft 

2 

15% 

1ft 

lft - V 

8 163 

1ft 

13% 

1ft + % 

24 118 

191 

187 

189 -1% 

250 1 

> 2*, 

2 

2%+ ’• 

7 18 

20% 

1ft 

20 + % 

2 15 

2% 

2% 

2%+ % 

50 

4V 

43, 

4V+ 


13 57 ift ift 1ft 

18 3426 24% 23% 24% - % 

112 1% 1 1 - % 

19 8744 4 ft 4 

17 19 23% 23% 23%+ % 

x y 2 

633 3% 3 3%+ % 


OVER-THE-COUNTER Nasdaq national market, 2.30pm 


prices 


Stock 


own 


lew Led Qua I Stock 


SMm H%k law lad Owg 

IHnds} 


ADCs 

ASK 

AST 

AT&E 

Acalrtn I 
Alarm, 
AdvTel 
Aegon -47r 
AJIB&h 
Agcyfls t 
Agnlcog JO 
AlrWiec 
AlaFtfl .12B 
AICOHM 


t5 182 20% mi ift- v ;2S52* 

28 720 1ft tt»« 1ft “ % ChWWId 

13 442 2ft 19*, 20 + *4 • 

448 20 » 19*4 - V . CNron 


Stock 


Saks Mgh Low Lee Qngi 

118*3 


42% 29% WfflUn JO « 17 428 33% 22% 33 -% 

67 2% 2 2% +% 

J 8 381 22% 21% 2ft +% ,, 
1801 15-18 % 1V18-S-W, 

2ft 19*, WetogH-60 £4 20 25 2ft 247, 20, -% 

43 33% We«Mfc6« M2* 108 i»44% «T* 44>* +1V 

58*4 », WeHaFBlJB £0 10 1956 51% 5ft 51% +% 

5ft 44 WelF pl2J5a 48 351 51*4 51** 51*« +1* 

30 20*, WeiFM 2 86 10 181 21V 29% 29% -% 

17% ft Wandya -34 2A 3174 11 1ft lft ~% 

40% 241} WfiBtCO J2 1.4 18 182 38*, 36% 38% -% 

~ AS** WdPtf>2J0B £7 13 168 H*, SB% 5ft -% 


12% ft 

1% V 

a ~ 

28 

a 

a 


WsDcfTg.80 
wcawA 
WCNAPI 
16% WxtnSL J4 
31* WUnkm 
ft WnU pIS 
2% WnU pH 
wim pi 


58 
12% ft 
29 17% 


23 


215 12% 1ft 12% -% 

1« *, V »16 

1S& 6 5^ 53^ 

tie 407 22% 2ft 22% +1*d 

898 ft ft ft -% 

33 2 2 Z 

28 3 ft ft -% 

. . 1 3ft 35% 35% -V 

48% WtooE 1.40 2J 15 4680 64% 82*4 8ft +* 

50V 30% WWve a 1 £0 20 534 uS1% 4ft 50% +% 

£830 75925714 55*4 57% +2 

184 7% 7% 7% -% 

z2t0 17% 17% 1ft -V 

z30 U, 14% 14% -% 

£8 14 29083ft 38*. 38% +% 

477 130 28*, 2ft 2ft +% 

1J100 221 94% 34% 34% -% 

t4 12 1041ft 8** ft +% 

.7 15 133 2ft 22% 2ft -% 

4.1 1870 34% HV 34% -V 

80 0, 8 6*4 +% 

120 18% 16 18% +% 

£8 18 347 4ft 46% 47% +% 

1.4 17 744 14% 14% M% -% 

* 3% 3% ft -V 

£419 57 6% 6% -% 

SJ 11 628 5ft 50% 50% -1, 

31 2B WMG P*2J5 9.3 1 27% Zft Zft . 

SOU 44V WS8CPL304 El 12 200 SO •%«%-% 
63 44V WtecPS 3 El 12 220 4ft 40% 4ft -% 

48% 31% When a 112 £5 15 167 45% 45*4 45% +V 

12% 8% WolwtVW 864 10% 10*4 1ft +V 

4ft 34% nrefh 31.12 22 IS 2243 48% 4ft 48% +% 

140% B8% Wokw (3230 16 1 13ft 135*4 ttft+V 

“ “ WrtdAr 45 7% 7 7 

WrKWln 38 18 1ft Tft -V 

UtcialyaiO* 2020 203 5ft 5> 57% +V 

Wurttzi 25 27, ft ft +% 

.. WyleLb J2 1J 82 204 lft 17% 3 -% 

25% 171, Wynne JO £8 13 35 21% 21% 21*, 

X Y Z 

Xerox 3 4.1 19 1666 73% 72% 72*, -% 
Xerox ptS.45 9.7 ® “ S* SS. 

XTRA .84 £5 171 25*, 25% 25% -% 

YorWnn 23 141 20% » 20% 

1053 4 ft ft -% 


30% WeyarttiJO 
vfwhpa 
*jWPM pe 
yfWhPttj* 
41% 26*4 VVhflpial.10 
33% 21 WhitoM 
35 23 Whtoak.BO 

17*4 6% WMred .12 
23% 1ft WWCXG15 
34V 1ft WUtoRH.40 
7% 4% WitohrO 

17V IS*, Winddn 
SB 38V WlnDhlJO 


Wbmbg JO 
W* /war 
lft ft WlntarJIOe 


20% 9 
ft 3% 


64% 46% W*oc£n£B8 


7% 


t 


74% 48% 
58% 


Zft 


a 


6 2*4 Zapata 1053 4 ft a*, -*, 

437, 2ft Zayro « J2 10 20 2947 31% 3ft 30% + *, 

MV ft Zanies JO £0 8 95 1ft 13 13% -% 


14 143 15 ... « - _ . „ .... . .. 

Beridya J4 14 841 3ft 33% 33% , Dtoacpa _ * 15* S% ®ei* + ft , HrtMttlJO 10 242 29% 29% 291* + % 

BerfcHa 7 13540 3480 3540 +45 OaMphn UO IT M 34 M W%- % * HrifdStlJO 13 557u67 85 6ft +1% 

. BaaaBys 191271 IB IB 18% - % j 0*9** _ 2215H! 4 2^> S*t>l Rw'*’ 15 217 26 27% Z7% - % 

(.BmzLb UO 22 874 48 47% 48 +1 ! Deb»^ 30 23 42B M% 38 XU+ % Hjmcs 85 320 13% 12V 12V + % 

Big B 22 118 13% «*4 «% + % J Dajffb « &% H »*4 . Wmco 7 B 24% 24% 24V - % 

BgBeur 13 44 24 23% 23% Daktom JB 2? 164 20V 20 » HWidyn 877 4% 4% 4% 

Bhidty 181039 15% U% 15%+ % j DepGly1J2 9 40 39% M »%+ % hchgAa .16 841103 22% 21V 21%- % 


^3, 

29*4 18?, zantthE 
lft 8 ZanLb a 
22 1ft Zero 


991 2<*, 24% 24% -% 

128811% 11% 11% 

J8 19 20 89 19 1ft 1ft 

51 3ft Zumto 1.32 £6 20 100 50% 50 60% +% 

1ft ft Zweig n. We VO 749 ft 9% ft +% 


Stoae fls*na are uncrifloW. Yearly itiohs and tow* rahert the 
previous 62 weeks plus the current weak, but not the latest, 
trading day. Where • spa or stock «Jdand amounting to 25 
per cent or more has bean prtt the year's hitftto* range and 
dhtdend n shown tor the near stock only. Unless Mheredse 


noted, rates of dividends are amual dUuraMnents based on 


e-dhMand ate Mnds). b annuel rate of iMdand plus 
Stock (Mcfcnd. &4qukWing dMctend. dfahd. d-new yesrty 
law. e-dMdend Hectored or pefd In pracedng 12 months, g- 
cMdend in emsdton finds, subject to is* norwMktenca ««. 
HMdsnd declared alter spBt-up or stock addend. HMdand 
Mid Ws year, pmtQad. deferred, or no action taken at latest 
Attend meeting. k-dMdend dactored or paid this year, an ac- 
cumutotlw IS8UB wkh dtoidands in anew*, n-new issue in the 
pete 52 waste . The ItigMow range batfns eriOi ti*a start of 
owing, mf+wxt (toy cMvery. PTS-pri ce eami n gB retto. ndM- 
dand declared or paid inpracsc&ig 12 months, phis stock iM- 
dand. *«ock apflt DMdenda be^n wkh date of sptt. ak - 
stoat. MMdend ptod h stock In pia ca rting 12 mown, esd- 
matad cash value on ax-dvfctond dr ax^Sstrtxjtkxi (tote u> 
now yeerty Ngh. v-Oafflng hehail vi-in bankruptcy or receiver, 
attip or btong r so rtto n bed under ttw Ba nkruptcy Act or seed- 
rides sssumod by such compantoai wcMtoMbcdad. uMirn 
i tMued. ww+alth wanante X-ex+WdeW or ax-rights, xdfcw- 
UlsiitiMBon. xar+rithout wanante yax-dMdsnd ««1 atoas ft 
Bu£ yfcjyakt Mtoca In IUL 



hand delivery. 

SERVICE 


rusvwjwrotterdam/utrecht/wassenaar 

239430. Ttiex IS 527. 


THE 

NETHERLANDS 


11 194 Big ft 9 + % 

SB 201 24% 24% 24% - % 

27 946 1ft 17% 17% — % 

20 42% 42% 42% - % 

21 340 lft 1ft 13%+ % 

28 285 23% 22% 2ft + V 

175 24% 23*, 24 - % 

18 213 12% 11% 1ft- % 

5 41 24 23% 23% 

171284 209, 20% 20% - V 

Aln9r I5r 1838237% 38% 3ft+% 

AiezBa 1J8 15 370 48% 48 48% 

AUAltto 39 308 14 13% 1ft- V 

AladW J4 13 227 S% £7% 28%+ % 

AfiegSv 1869 7% 8% 7 + % 

ADdBn 1007 10 8% ft- % 

Alto* 1812 15% 14% 14% - % 

Amcato J4 11 175 12% 12 12% - % 

AWtet 37 2724 10% W tft + % 

ABnkr JO 7 14 149, 14% 14% 

AmCarr 10 129 10% 10 10%+ % 

AmEcoi 15 19 17% 1ft 16V- % 

AGreet j68 H1294 30% 30% 30% 

AmHRh W « Wg 16% 16V - % 

AmlrriJ JO 10 406 14V 14% M% 

AfflHO 6 146 8% ft 8%- % 

ANdna 1.32 5 41 43% 43 43% 

ASvNY .15a ■ 819 20% 19% 20 - % 

ASNYjti 152 24% 24% 24% - % 

ASVWA.15B 7 154 19*2 19 19 

AmSoftvtOe- 21 282 28% 28 26 

ATvCm 56 858 21% 21% 2ft . 

Amrte 1.7* 1248141/53% 51% G8%+1% \ Com^a 
Amo •• 

AmskBkJB 
Aiitoglc 
AnchGI 
AnhSUOt 


IS SS4 18*4 16% 16*2 f RnNwe 63 904 13% 13% 13** - % 

26 12 18% 17% 17V - % - Fingmx 798 8 7% 7% - % I 

311206U3ZV 30*, 31%+% Fhtigan 15 20 19% 19% I 

TSO 31% 30V 31% - % FAteBs .78 13 882 22% 2Z% 22%+ % 


Chltandl.16 16 31 51 ' eft 50 -1 ~ • FatAmal JO 9 88 50% 50 50% . 

Chronr 110 13% 13** 13% - % FABkA.40b 13 519 12*, 11% 121, + % 

CteOwt J1 23 38 M% 14 14 - % . FlAFUi 1 7 18 88% 86 67** -1% 

CirtnFn 1J2 11 x5D 89% 69** 8ft '.RATO 1 12 157 30*4 30 30 

CurMic ,15a 11 244 8% 6 8 IlFtAmSv.lOa 35 17% 17% 17% ! 

Cmtes 35 14 88 67 66 +1 iFBOha 120 11 15 33 31% 33 + % 

Cipher 24 067 14% 1ft 14%+ % ]FConiC12D 24 34 16% 16% 16*4+ % 

CtzSoCp 1 111054 28% 28% 28% f FEmp 1J0 

QzFGpUOte 11 755 47% 4ft 47% + % ; FExsca 
Ctzll As (22 89 30T* 2ft 30-% - FExplE£12a 

CityFed JO 6 310 12% 12% 12% - % ; F&pFZJS 

CM.TrJ3c 72415-16 4% 415-16+V16 FEzpfG 
CiyNCs J4 18 88 26% 26** 281*- % | FFMta JOa 

City9cp1.12 11 78 56% 56*4 96% I FFdlCal 

OarkJ J8 14 622 30 29% 29%- % FFTTOsJO 

Cloths 24 438 1ft 19*2 1ft- % | FtFKal J4e 

CoOpBkJSe 34 21 21 21 I nfdJC t 

CosstF 11 117 17% 17 17%+ % FtFnMg 

CuBBc JO 28 48 38 37% 37% fVlSJt 32 

- - - — _ “ + % 

CobeLb 17 100 24% 24 24 » FUlCpe J4 18 102 1ft 15% IS*,- % 

CocaBO J8 510 38% 37% 37% - % 5 FJarN 1 JO 12 968 56 55% 55% - *, 

Coaur t 157 23 2ZV 2ft - % FtKyfto J4 *2 35 27 28% 27 - % * 

Cobemt 183 1ft 12% 12*, + % I FMdBa t 13 IT 35 35 35 

Coiagne 931800 17% 16% 18% - % i FNClKtUB 13 47 42% 41% 42r«+%; 

ColFrSs 533 15% 15** 15% I FPeeFa 9 40 23 22 23 +1 I 

JO 12 60 2ft 25% 25% - % . FtSHa JO 30 & ft 39% 39*, + % . 

JO 17 46 27% 27% 27% FSeeC 1.10 63 897 2ft 24t* 25% + % ! 

CloQaa 180 12 20 24% 24 24 I FtSftn 5 47 1ft 15% 1ft 

ColoNI 77 64 1ft IS*, ift 1 FTerWal.18 M 57 33% 33% 33% 

CokxSy 951 18% 1ft 1S>4+2% I FMUCa .« 103574 28% -27% 27%- % ' 

Comair 71 256 3% 9% 9% FWalye J* 12 135 29 28% 29 + ^ 


10 3 93% 8S% 93% 

101211 1ft 16% 1ft 
91 24*, 24% 24% 

271 2ft a% 28% 

591 22% 22% 22%+ % 

4 243 27% 2ft 27 

6 15 28 27*4 26 - % 

7 8 25% 25% 25% 

26 4 20% 20% 20% 

12 210 12 % 11 % 12 - % 

32 261 31% 30*« 3ft- % 

12 *39 35*, 35% 35% — % 

CoatSi 422359 10% 10 10% + % ’ FINewa JO 13 2B1u29V 28% 29 + % 

17 100 24% 24 " ~ 


TZ48MU53V 61% &»•,■+ W, I 

811788 43 42% 42%+ % 

9 210 22% 21% 21% - % 

13 345 11*, 11% 11*, 1 


88 435 223* 22% 22% - % FtWFn JB 

Cmeric2JD 11 240 57% 56% 57% +1% ; FteFdi 

CmBahsUS TO 154 38 37*2 38 ’ FlaNFe J4 

CmClr 1J0 24 111 64 03 83 -1 j HowSy 

12 283 42% 41% 42 +1 1 3ft 3ft 

127 20% 20% 20%+ % I C/ncFlto 6 88 18% 18% 18% 

191389 W% tft S%+ CrnBhg JB » » ^ *ft 

19 13 a 23 25 I CrnwHo 58 10 ft ft 

Adoo£s 12 15 118 W. ft ft- % Com8v0.12e SOB 17% 17 17% + % I FortnF.lOe 8 34 27% 27 27%+ % 

7210589 tft 18 TS% +t% ' CmpCd, 59 171 lft 18% M%- % ■ Forum J8 14 zm 6% ft ft - % 

*PP«k " ‘ 

AppteC 
ApMBIa 


Ankacs JO 


28% 29 + % ■ 

6 123 11 TO*, 1ft - % r 

58 15% 15% 15% - % 

18 388 24% 23% 24 + % ‘ 

■ 238487 S 4% 4%-% 

] Toner 204221 ft ft ft 

i HJoAa JS 42 541 14 13% 1ft } 

FUoBs J4 52 245 TO 1ft 18 ; 

For Am JB 28 121 40% 40 40% | 


Archive 

Arbor 

AreoSy 

Ashtons 

Asaosy 

Akot 



18 118 ft 9% 9% — % | CCapS £16 54 9% ft ft - % 

170 12% 11», 12 + % ; CnaPepI JO 12 57 58% 58 5ft + V 

— -- — . *2 1749 ib 14% 15% -2% 


914 10% 0% t0%+ % 

— 111*18 113-18 


ACGLiSI JO 15 285 24% 24% 24% I 

AttoFd 13 18 16 « - % • Convgt 

ABFln JB 7 201 11% 11% 11%+ % CooprD 338113-18 

AllFpl 105 54 13% 13 13 - % • Cooprt. 38 65823-16 2 V16 23-18 

AdRea 17 248 32% 3ft 32% , CooreB JO 17 440 271, 27% 27% 

ABSeAr 13 38 11% 11% 11% CopytM 96 14% » 13** -1% 

Autodtoc 47 554.78% 73% 78% +5% Cor die 2348 19 18*4 18% + % 

AuKxtte 22 SO 28 27% 28 + % • CoroSt 1 JB 11 470 3ft “ 

Auden 20 2Z7 9*4 ft B%+% Corvue 

33 552 17% 17% 171* + % . Coetco 

b o | Crttmto 37 387 7% 7% 

° ° ' CreEda 1314252 7*, 7% 7%- % 

Cronus 5 300 23% 23% 2ft + % 
CroaTr 961 1119 »*, 1ft 1ft - % 


GalgAs JO 164878 28% 26** 26** -2% 

Oaloo&a 18 295 1ft 12% 12%-% 

Qantos 25 Ml 22** 21% 22% + % 

GatwBe 13 170 27% 27 Z7% 

Gtwylto 343 ft 4% 4%+ % 

GamcS 21 447 9 B B%+ % 

Genatoa 3863232 SB SB 58%+% 

Ganelin 753 3ft 35*, 38% 

GanmarJBa 15 583 11% 11% 11% 
Cenzym 623 15 14% 14% - 7, 


BQ 119 10% 10% 10% 

SRMae 15 6* MV M 14% - % 

BakiFn la 23 47% 4ft 47**+% 

Baker J Ole 18 139 21% 20% 20% -1% 

BULyB JO 11 272 23% 22*, 23*4 + % 

BaiScpe AO 28 190 2ft «V 22%+t 

BnPncaiJO 9 203 40 39 30%-% 

BcpHw 1 JO 11 88 57 58*4 58**- % 

BKNEsl.12 101056 3ft 36% 38% - % 
Mate J8 11 54 17 *6% 17 

BafcFat 9 124 15% IS 16 

BankvtJOr 32 31 33% 33 33 -1 

Bate J4 17 630 24% 23% 2ft- V 

Benia 9 827 M tft 19% 

BM4F JOS 20 123 45% 44% 45% + % 

BatiMt .10 44 27 Tfl 27*, 27% 27% + % 

BayVw 428 16% tft 1ft- % 

BaySksl J2 11 547 44 4ft 43% 

BaauttC 921TO 7% ft 7**+ % 

- - 14% M%- % 


JL 25 «-18 -£3^ GtaenG JS 132737 19% 1ft 19% + % 

TOB4te 1ft lft 1ft I GodTrye J2 21 B0U2SV 25% 2B%+% 
ft . IGonfenk 23 148 14% 1ft 14 

Gteaa J4 12 285 28% 28 28*,-% 

GouidP .78 21 159 20% 1ft 19*, 

Graded 10 279 6% ft ft 


CroaidS JO 11 708 18*, 1ft 18*, 

Croelpt 1J1 23 24% 24% 24% + V 

CwnBk 12 178 ISV « tft+ % 

CullnFr JO 20 13V 13% 13*4 + % 

Cullum JO 17 2E0 27% 27 27%+ % 

Cyprus 87 333 24% 24** 243%- % 

- * 473744 11% 10% 11%+ % 

O D 

17 20 19% 1ft «*4- % 

5 960 17% 17% 17% 

7538288 (5% tft 15% 
Z718S2 7% 7% 7% — % 


DBA 
DNGrga 
CBM PI 
DSC 
DawySy 

OmnEio 715 7% 7% 

OartGp .13 14 3 171% 171% 171% -1% 

Dewed J4 23 91 *5% *5 15*4+ % 
DU IO 23 103 10% 10% 10% 


1908 1ft 1ft W%+ % 


GtLkFd JO 
GWSav AS 
GmRhs 
Gteci* 
GuarNt 


9 BV 8V 

68 2ft 21V 22%- % 
5 190 28% 28% 26% - % 
48 12** 11% 12%+ % 

29 104 13% 13% 13*,+ % 

30 349 23*« 22V 22V - % 

13 77 7% 7% 7% — % 

112 11 10% 1ft- % 

H H 

803 ft 9% 9% 

266 7 ft ft+ % 

15 60 13% 13 13 

22 5B5 7% 7% 7% 

HareOR 62 199 ulft 18% 18% 

Hanvln J8 11 22 75% 75** 75%+ % 
HarieyeJ2a 5 168 17% 17 17*, 

Herpes IB 216 181* 17% 18% + V 


Jonlcbl ,15a 
Junto A.15a 
Juno 

Justin JO 
KLA 

Knnutn 32 

Karchr 

Kasler 

KlySvA .70 

Kemps JO 

KyCnlXI.10 

KeyTnt 

Kmctod 

Kfndem J8 

Kruger JO 

Kukte 

LSfti 
LS Lg 
LTX 

LaPatox 
LaZ By UO 
UdFm.t2a 
Laidlar JO 
<jdl7Bs .74 
Lancsto .64 
Lance 1.08 
Lana JOa 
(awn JB 
LeeQte 
LofeCns 
Uebr 
LinBrd • 
LnFbns 
LizCtea JS 
LoneSir 
LongF UO 
Lotuaa 
LaBndi 
ljUho 

MBI 
MCI 
MSCar 
MTS JB 
MackTr 

MawnP 

Magnai J8 

MaJRt 

MaUta J2a 

UgtSd 

Manltw JO 

MlraW 1.44 

MamaC1.48 

Marahto JO 

UarldNUO 

Maacmp 

Msctoa 

Maatour 

MstnS-Kta 


Stes 

fHwta) 

S 62 15% 1ft 
31 616 15** 15 

23 32 387, 3ft 

12 201 16 15% 

K K 

421370 23% 22 

30 249 31% “■ 

27 211 20% 

43 9*4 

24 115 5ft 
112699 37% 36V 
10 23 54% 53% 

261 ft 
77 27 13% 

223101 17*, 

19 402 20V 

67 11% 

L L 

21 25 15*, 15 
1654731 1ft 15% 
999 12 
39 189 1ft 
15 195 90 

19 575 22% 22% 

28 17 24% 24% 

31 8310197% 79% 
45 63 22% 22% 

20 21 44 43% 

20 199 68 86% 

19 208 25% 24% 

25 468 ft 6% 


Hqb Law lad Omg 


T 

36%+ % 
16 + % 

23% + IV 
30»* 

20 - % 
0*4 

55 -1 
37 

53% - % 
ft+ % 
lft - % 
171*+ % 
20 *,- % 
11 % 


3ft 

lft 


55 


8 

13% 

*6*8 

20 % 

11% 


II 

1ft 

79% 


140 7 

15 10 18% 
35 178 70 
19 244 W% 
31 692 63 
29 3194 014% 
16x195868% 
21 10280 22*4 
292 6 ft 
531032 2ft 


ft 

18*, 

88% 

13% 

82*4 

06% 

21% 

ft 

28*2 


15% 

16 %+ % 
12 + 1 % 
lft+ % 
78', 

2ft + % 
24% 

!£ + * 
22% - % 
4ft- % 
68 + 1 % 
2*V- % 

ft+ % 
es%+ i% 

»=% 
*4%+ % 
«+1% 
22 + % 
ft- % 
2ft + % 


WO 

HMO 

HPSC 


Darby 

DlagPr 


BlngSv 114 15 TO 18% 18** 

Stones 200 4% 4% 4% 

Biogen 391 12*, 12% 1ft- % 

Biocnte 40 529 23% 23 23% + % 

BUStf 19 408 25% 24% 24% - % Dtaeon 


11 6 25% 25% 25% Unrein 

38 13 38% 38 38 - % . Hentoy 

3310683 V« 215-18 3 +V*6 HIbero 
Oibrel 36 11 50u29% 2ft 29%+ % WtotiSu 
TO 187 38*, 38% 38% - % H^en 


19 98 37% 3ft 3ft + % HmeCty 

+ 9. KmBen 1 


12 327 25% 25 26%+ V 

t 6743 2ft 26*, 2ft + % 

1 10 80S 1/27 »*, 27 +1% 

101456 16 15% 151,- % 

715 18% 16% 1ft 

10 09 22% 22% 22% 

11 12 39% 391, 39%+ % 

280 35% 35% 35% - % 

8 62 28 27% 27% 


GML 


19 364 23% 23 
6020*7 20*, 20 
M 23 440 22% 22 


ao% + V ^ 

GPto M 23 440 22% 22 22%+ % 1 ™ “ 

CRT 135 4% ft 4% 

CteySclJOa 26 816 39% 80% 3ft+1 gST 
Cadntx 41 938 14% lft M% + h 
CalBlo 49 17% «V 16V- V , 

CtoMIc 221329 W% 9% 10%+% 

Catoy .16 31 505 12 11% 11%+ % 

CamBS 638 11 TO tft-V^^S, 

Canon! J4e 1 28% 26% 2ft + % gg? 

CareerC 9 49 11% 11% 11%- % FnFact 

Carmks 44 874 22% 21*, 22% + % 

CeroaliLlOB 13 45 77, 7% 7% 

Caring® 52 2ft 20 !D%- h 

Carw 19 181 11% 10*, TO*, 

2B2120u1B% 17% 19% + 1% 

SB 509 28% Z V% 28%+ % 


Imaim 

Imunea 


BIckD J4b 18 8 32 31 32 +1 DigOCte . . _ 

Boa/Bn 1 J4 11 251 4ft 48% <ft + % ’ DkRCh 741 77, 7% 7% _ , 

BoftEw JB 30 118 2ft ZB% - % DknaMY 61110 » 2V, 24% | HoFR JO 

Bohema t 82 34 23% 23 2ft- % Dtomxa _ » 178 035 3ft » +» I HmoSU « _ 

BoetBe 1 38 46 44% 44 44% - % I OHGto JO 53 313 12% lft + *1 : Honmd JO » 145 45% 44% 443* 

BstnFs JB 77 421 37 38** 3ft -% DomBa .72 11 39 21% 21% Z1% — % | HBHJs .101 14 179 23% 23% 23*, + % 

BradyW JO 21 8 30 29 30 +1 ; DraaBa 29 94 2ft 28S% 2ft +1 ■ HunUs .18 30 4Wifi3 3ft 31%+ V 

Branch UB 11 2839% 3ft 3ft - % Dredrs 29 M** 13% 13% - % ! Hmglns 577 19% 18 18% - % 

BHXfln 201931 19% 18 18% - % DreyGr Z2 M 171, 17*, 17%+ % Hun«BJ4b 11 49 2B% 291* 29*, 

Bronte 18 U 14% 14% 1ft- % Dwkfti J2 U 195 21% 30% 31% + % Hyponx 17 66 14% 14% W% - % 

BdgCm 9 683 21% 2ft 20% -1 DuqSys 22 » 28% »» 2ft - % . l ■ 

Bruno, .« 23 411 18% 17*, 18 - % Ourkn 17 199 1ft W% lft+ % _ _ V . . 

BuHdT 18 199 1ft 19** 1«% Duriron J8 28 7 14 1ft M ■ »»+ J 

Brntan 24 18 122 19% 19*« 1B% DurFB .16 78 290 13** *2% 13 ~ V -® 332 - 1 ®* ???* ^ + * 

BurrRs 41 45 TO 1ft TO - 1* ! Dynscn 12 9 15% » « - % , E* 

Burr Us 17 3 22% 22% 22% + V j DytchC 17 749 36 38 38** -T% 

BusJnJd K 69 1ft 15*, lft : _ c 

BudrW1J2 U 8 3ft 30% 3ft + % E E 

4./* •; BBC Cp 21 413 28% 2ft 2ft + V 

roro *4 u sn. ** *. «. ’. 3*®" JB 12 120 11 10% 10% - % 

CFS M 44 24% 24 3*%+?' EatoBBLlOa » 35 24 2ft 2ft - % 

23 39 lft 12% 13 + % 

8 278 19% 1ft TO 

721 601/21% Zl«8 21% - % 

18 515 7% 7% 71, 

43 4% 4 4 

43 11% 11 11% 

17 8 15% 15 IS - % 

17 227 9% 9 ft 

403695 2 IV 2 + % . 

1225 2ft 2ft 2ft +2% JnWwt 

11 447 13 12% 1ft- % ; toW*j 

« 14 19*4 77% *7*8 + % . »"frWr 2* 

161972 32% 31% 3ft- % W. 

392 31 30% 3ft- % ' touted 

t 1461 12 10V 11V +1% Int roac _ 

4 ft ft * % •«"*“* ■« 79 8S 77% Tft 77 + % } 

ft 2ft- V I beam 29 825 13% 13 1ft + V 1 


EnFact 
EMPub -TO 
Envrtki 
EtwTn 
EnzSto 
Equal 
EqtBcaJOb 


211161 12i* 12% 12*« 

1223731-18 ft 3 1-18 
312 TOB, 16% 18% + % 

1867 1ft 11% 12% - % 

IndBcs U8 11 27 31% 31% 31% + % 

mawn.iQb it 70 39V 39*4 39*4- % 

mfiBdc 127 1ft 16% 16V ■' 

42 » 25% 24% 25%+ % ' 

41 78 12% 11% 12**+ % . 

94 63 11% 11 11% 

33 189 10% ft 10% - % 

51 133 17*a 1ft 1ft- % 

23883-18 8% 8% 

81 428 16% 157, 18%+ % . 

138 13% 12*, 12*, 

12731 U38V 38% M% +1% ■ 

8SS 1ft 12% 1ft + % f 

181529 8% 7% B%+ 5, . 

17 197 2ft 23*4 23*8+ % 

202799 25*4 2* 24% - V 

1428 14% 13% 13% - % 

21 2S 13% 13% 13% — % 


mourn, 

inxta= 

tetgpt 

mater 


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Continued on Page 47 


y 3- 


4 -.-I* • ^ 


1 


50 






0 • Financial Timas Friday Marrih"20 1987 


FINANCIAL TIMES 



- w — tww 


L>: - 4 «> v - ' '-A 


Caution prevails 
as scandals 


Canute James examines the soaring growth on a Caribbean exchange 

Tiny Jamaica jumps at a hectic pace 


ASIA 


leave their mark 


WALL STREET 


CAUTION prevailed os Wall Street 
yesterday as traders and investors 
took; stock of th e late st develop- 
ments in the securities industry 
scandals and prepared for today's 
Triple Witching Hoar, writes Rod- 
erick Oram in New York. 

Prices edged ahead on moderate 
trading. 

Credit markets remained firmly 
stuck in their narrow and quiet 
trading range with bond prices little 
changed. 

At the dose the Dow Jones indus- 
trial average was up 12.64 at 
2^99.57. 

At its best the index was up near- 
ly 10 points during the morning but 
investors continued to hold back 
from pushing the blue chips 
through the 2,300 level, which is 
seen by some analysts as a trigger 
point for a price correction. 

Traders were relieved that a sell- 
off did not materialise after news 
that Mr Boyd Jefferies, the leading 
block trader, said he would plead 
guilty to charges of making illegal 
trades for Mr Ivan Boesky, the dis- 
graced stock speculator. 

Mr Jefferies' firm, Jefferies 
Group, fell $% to $10% in the over- 
the-counter market The company 
has a t jnmiruint ro le in the third 
market in which large blocks of 
shares are traded outside establish- 
ed exchang es for institntional in- 
vestors. 

A farther dampening influence 
yesterday was the prospect of turb- 
ulent trading today in the run-up to 
the simultaneous expiry at the end 
of the session of options and futures 
on stock indices and fixtures an indi- 
vidual stocks. 

Another securities industry story 
mftngnwng foe market yesterday 
was foe announcement that Ameri- 
can Express, up $% to $78% after a 
sharp rise on Wednesday, was dose 
to a deal to sell a 13 per cent stake 
in its Shearson fohnum securities 
subsidiary to Nippon life of Japan. 

Other brokerage stocks were 
buoyed by the news. Merrill Lynch 
rose S2 to $44% following a buy rec- 
ommendation from Paine Webber 
which itself added $% to $37%. E.F. 
Hutton, which has a representative 
of Sumitomo Life of Japan on its 
board, added S% to $40%, Morgan 
Stanley jumped $2% to$73 and First 
Boston gained $% to $51% although 
Salomon foe, which has been the 
subject of speculation at a similar 
Japanese link, dipped $% to $41%. 

CXI stocks gave up their leader- 
ship role of recent days and turned 
lower as oil prices rose only frac- 
tionally. Exxon fell S% to $85, Chev- 
ron dipped $% to $56%, Atlantic 
Richfield dropped $% to £77%, Amo- 
co slipped $% to $70%, Texaco gave 
up $% to $35% and Phillips slipped 
$%to$15%. 

In contrast, airline stocks recov- 
ered some of foe ground they lost 
as oil prices rose recently. AMR 
added $% to $55%, AHegis, parent of 
United Air lines, rose $1 to $58, 
Delta Air lines gained $2 to $59, 


NWA edged up S% to $67% and 
Trans World put OH $% to $29 al- 
though Tens Air fell $% to $40% on 
foe American Stock Exchange. 

The technology sector was gen- 
erally firm. IBM gained $% to 
$146%, Unisys added $% to $106, 
Motorola was up $1% to $56, Cray 
Research jumped $2% to $124% 
while Digital Equipment dipped $% 
to $165. 

Carter Hawley Hale was un- 
changed at $56% after reporting a 
fourth quarter loss after charges erf 
$1.58 a share against profits of 58 ' 
cents a year earlier. Another stores 
group, Carson Pine Scott slipped 
$% to $38% after turning in fourth 
quarter profits of $1.31 a share 
against 51.17. 

Pillsbury, down $% to $42%, re- I 
covered from an early loss of $1 fol- 
lowing news of a third quarter prof- 
it of 56 cents a share against 63 
cents. 

AmeriTmst gained 51% to $53% 
after splitting its stock two-for-one 
and raising its dividend. 

CheznLawn advanced 52 to $33% 
in the over-the-counter market 
Waste Management, up $1 to $75%, 
increased its takeover offer to $33 a 
share. 

Carter-Waflace jumped $4% to 
$116. ELF. Hutton put the condom 
manufacturer back on its recom- 
mended list Its shares have gyrat- 
ed rapidly in recent months be- 
cause of the growing use of con- 
doms to prevent transmission of 
Aids. 

The credit markets had no news 
to give them a sense of direction al- 
though the slight weakening of the 
dollar gave a mildly negative tone 
early in foe session. A relatively 
low Fed Funds rate of 6 per cent 
helped improve matters later as 
bond prices rose fractionally. 

The price of foe 7.50 per cent 
benchmark Treasury long bond was 
19 % of a point by eariy afternoon 
at 100%» at which it yielded 7.49 per 
cent. Shorter mat urities mwfa simi- 
lar gains across the board. 

Yesterday’s economic data had 
little market impact because foe 0.9 
per cent rise in personal 
and 1.7 per cent rise in personal 
consumption in February were 
broadly consistent with an econom- 
ic growth rate 0 ! 2 to 3 per cent 


AFTER YEARS in the shade as a 
plaything for a handful of bro- 
ken: and big companies, foe 
hi i m i Mn stow exchange is 
perieodng a rate of MB* 
growth that has sent the index 
soaring. 

Brokeres say the increased ap- 
tivtty on the exchange, foefled In 
part by a government pro- 
gramme at public flotations, re- 
flects growing confidence within 
the Caribbean kto* badness 
community despite a struggling 
economy. 

"B tins confidence were not 
there, tin 1 the stock e xcha ng e 
would hare been a vehicle of last 
resort for investors,” said one 
market analyst “They now fed 
safer investing in stocks than in 
potting their money in interest- 
bearing deposits in banks and 
other financial mstitotioos. The 
stock ma r k et is now the pre- 
ferred option." 

Such was the level of growth 
last year that the index rose 52L3 


per cent from US to stand at 
1,499.87 at the end of December. 
Over the previous five year s the 
index had grown by a cumulative 
129 per cent 

Jamaica's stock mrium g a can- 
not be compared in rise with 
tfwMg q{ North America Eu- 
rope. Only 39 companies are fist- 
ed. But whaifoe exchange lacks 
in size, it more than mates up 
for in fts hectic pace of activity. 

The volume of trade last year 
grew by 2L6&m shares to 5825m 
compared with 1985. The value of 
these transactions grew from 
117J4m Jamaican dollars 
($2L2?m) in 1985 to J$3745ta» 
last year. 

The stock market was grren a 
fillip recently by a significant in- 
crease in public participation. , 
The Ja m aican Government last 
year sold off part of the state- 
owned National Commercial 
Bank, the co unt r y’ s largest. 

The offer was over-subscribed 
by 175 per cad, with man than 
35,000 ap plicati o n s. Many pro- 



jttnaiesSmSan 



spective small investon are now 
e ager ly aw ai ting the results of a 
Go vernmen t p ro mise to float 
more state-owned companies. 

Ana l yst s say mat stock 
matte* activity has been stimul- 
ated by the effects of a tax reform 
programme recently unveiled by 
Mr Edward Seaga, Prime Muns- 
ter finance Minister, ■■"■ te * 


'Which corporate taxes are w 
cut from 45 per cez& to 33% 


The stock exchange Index has 
jumped fay 43&S8 potato, or near- 
ly 30 per cent; between foe end of 
December and the end erf Febru- 
ary, when it readied 1J8&85, in- 
stating good prospects that foe 

boll run will continue. 


EUROPE 


Gloomy Frankfurt plunges again 


A HESITANT mood affected most " " 

of Europe yesterday, taking LONDON 

bourses generally lower as the West 

German market plunged into fur- VK 

foer gloom. ered response to Tnesday’s bad- 

Frankfurt appeared to feed off its g^w»coolm, with a wide down- 

own recent decline as well as its 

worries over foe VW currency The FT Ordinary index shed 

fraud. The Q m mv»TT lM ii)f 

dropped 47.8 to 1 , 633 . 8 , its lowest DM 586, Siemens, falling DM 15 to 


THE DK equity market's consid- 
ered response to Tuesday^ bud- 
get was cooler, with a wide down- 
turn in prices. 

The FT Or din ary index shed 


IS to 158L6, wU3e the br oader 
FT-SE 190 index ended ISA low- 
er at IJttLO 

Gilts were sfighfiy earner. De- 
tails, Page 46 


fine's drop in 1988 profits and conse- 
quent cut in dividend, but the reg- 
istered share added SFr 10 to SEY 
W0. 


- ■ ‘ ' 'that 'das repostedly ■ -fife 

TOKYO - • sp»ad of tte Aids virus. . 

- • •• • ' - • • ~ Bond prices wuredigb% : fiHner f . 

INVESTOR CONCERN over precar- un& bu^And s^fingcrire^re^ 
tously high prices returned in late fog. - 1 ' . 

Tokyo trading yesterday and sort’ In ®o3y tra^ngt the yMd oath e 
share prices tower, writes Skigeo benc hm ark 5.1 per cent government 
Niskiwakiof Jiji Press. . •• bond, falling -due m. June- 1996, 

SfeBBdtflBB that tighter restric-- dipped below .45 per cent tot foe 
tirmg would be placed an margin, first fame to reach 4.495 percent • 
tradmgalso helped profittaJoiig. V • Later, however, fa* bnefamafe 
Tte- ifiktei average, whidt issue came under profit-takmg 
gsfooH 178 . points from Wednesday pressure, and fts yield turned up to 
to a tmAed tmd at 4JS30 per cart compared with 

KL74 .points .-lower at 2JMSS. VoV 4J555 per cent bn Wedesfoy. , ; 
ume totalled L38bn shares com- , ^ ' 

pared wife a record 2-5Sm on Wed- asiCTDAI IA 
nesdfly. IxKsesoutmunbered gains' l . . 

by 529 to SSI, with 145 ‘issues un* ~ 

(Ranged. 7T '. BUI^Nj^amprovadedthejmpe- 

Jht a con&xsatkmof the previous tas in Sydn ey, where*. steady 
day's recorfl-hreakiM performance, P**“ s ®PP ort 

HnS^auSor^^aS. ; helped the market to 

with large-capital and Aids-related- r - ~ - 

stocks acting buyfog interest. -Ataerjose on Wag. Street' 
Nfomm. Sted topped foe active flrenught_and wng mo*? may 
volume totaUfed only ket ratea fudledsenhmentfnrfoeti 

rose Y10 ateme stage but came un- a** 3 * gained SSP'L.l. ai- 
der yfrhfnff pressure fa tter to fawnfa Among golds, G M K took ‘ fog 

fimefi^ junqw« Afi to. ASH. 
2i_ * ua “«“ J « cu Poseidon gained 70 cents to AS850 

6 %sndtomo Metal Industries. foe and Crotrel Norseman 40 cents to 
second-busiest Issue wife 4?J3Sm A$15d0. , 
shares nfanngmg fcmnk , dosed Y2 ■ — ■ -■ -■ ■- ■■■ — ■■ . . 


Brussels farmod hwrihnt after its Hripfly. 


higher at Y257 after gaining Ylft HONG KONG 


point in nearly 18 nxmths once hit- 
ting 1 , 826.1 in October 1985. 

Analysts said the fells were led 
by foreign selling but foat foe drop 


DM 621, and Daimler Benz, losing 
DM 35 to DM 861 
Steel group Kinffow Werke, 


session with gains of up to 40pfg on showed same gains, 
foe dollar’s weakness against foe D* Fans was fairly 
Mark. shghtiy lower an baZ 


recent record-breaking tun, ending In contrast, Kawasaki Steel fell qR wnjp. see-saw trading to Hong 
little changed on some light profit- Y7 to Y249, Nip pon K okan Y8 to gw faOavied Wednesday’s huge 
taking and position-squaring. Y287 a nd M akawajimaganmn w m ih» w a »> c gan g feat 
Banks and insurers, however. Heavy Industries Y1 5 to Y51JL ^ ** e rn as r^n n p ft i Qj f 

showed some gains. Aids-related stocks were very voir _ ^ martite^awaronn- 

Faris was fairiy quiet; ending atfle. Sumi to uio Cheimcal openw martrot iadeed hews il-' 


Par s was fairiy fp i # , pmfag atOe. Sumitogio_Cheinical opened 
iKghfly Vwwnn haiimpp <k rtnifan 1 Y4 higher but was later sddheav3y 


The Bundesbank sold DM 93 5m 


^d^g 4W0 Jobs, lost DM 3 to of after selling DM 


is foe widely^watched FAZ index DM 58, while Degussa, foe cbemi- 7fi on urpdnesdav 

nr-j -J u— ic -■■■ 1 , j j j j - uu 


on Wednesday had itself unsettled 
investors further. 

Steepest losses were for stocks 
most popular overseas, including 
Deutsche Bank, down DM 20.50 to 


cals and metals producer, dropped a fete sdling when 

sharpDMa g. or 9 per «mVto DM Wall Street opened weaterakd foe 


set in over its recent advances »nd to end Y55 lower < 
Wall Street’s changeable perfar- Japan -Syxrtheti 
fnanw» There was also ynme post- had performed ® 
tion-squarmg in advance of Most- beriming of this 
day’s bourse fi guftfatinn day. mnitmm afiowal 
Mibm turned down a£&in amid of Y100 to Y125 \ 


— . — _ j , . imnr - though rumours af an inezease in 

jes and to end Y55 lower at *925. local interest rates continuedto dr* 

perfar- Japan Syirffa^c Robber,, vfofch w ; 

■e posi- had perfonned strondy smee foe. 

E Man- beghmfog of this week, suffered a. ~T _ . " r. 

maxnmun allowaHe szn^eday loss SINGAPORE.-. 

1 amid of YlOO to Y725 whfle Tbyobo and ■ ■ .. . .■ ■ — ■ ■■ . ! 

Italian Sankyo ended Y24 and Y100 famec DNCTBIAINTY^ among investors 
iioban- at Y540 and Y1J50O, re^tectivedy. : moded afirm start in Singapore as 
tvance» On foe other hand; Ajinomoto, a rumours of new political profitems. 
10, and recently n^ected Akfocriated facing Maiaysm’s Prime Munster 
1,785 in stock, Y50 hitter at ¥3^50 triggfopd a late burst of sdfing. 

L for its after opening Y10 lower. Active local and werseas buying- 

Also m foe spofiiffot were compa- eariy in foe day, fwwever, residiai 
e both nies with business links wtth Dtmo fo a gain cf ZS0 pmnts foe foe 


Deutsche Bank, down DM 20 J0 to Btmds were firmer in an active 

Among wee 

Sweden to probe bourse 


also rubbed off on foe market in political mas. However, Medioban- 
quiet trading. ca made a farther strong advance. 


Among weak inte rnationals , Phi- „ing?n g ^ £4900 at L262.0O0, and 
lips lost FI 2JW to FI 4830 and Tfoi- ifonfedison added L85 to L2,785 in 


lever eased FI 1.00 to FT 550. 


the wake of Spanish approval for its 


A PARLIAMENTARY committee 
has been set up in Sweden to ex- 
amine regulations regarding the 
securities markets and stock ex- 


Zurich also flnfebed generally acquisition at AntibtoticosL 


lations could be further tightened, fewer on fight overseas end domes- Stockholm and Oslo were both 


It is due to report by the end cf tto selling . Swissair bearer shed fittie rfumy rf. Madrid was dosed j Fine Chemicals Industry, which has; Straits Timesimfostrial fotfext 


SFr 10 to SF r pfay the air- tor a holiday. 


devdqped an organic compound which closed at lfiSLSJ. 




The Government is ejected to] 


CANADA 


AFTER briefly pausing for breath, 
the Toronto market held eariy 
gains, advancing on bank shares 
and leading active traders. 

Bank of Nova Scotia gained C$% 
to CS20%, and Royal Bank of Canar 
da C$% to C$35%. Canadian Pacific 
firmed C$% to C$24%, and Bow Val- 
ley Industries put on C$% to CS20%. 

Oils, which inspired foe market 
earlier this week, turned fewer, 
with Shell Canada down C$% to 
£342 and Imperial Oil class A losing 
C$l% to C568%. Against foe trend, 
Texaco Canada rose GS% to CSS7K. 

In Montreal, foe market firmed 
with bank, mining and utility stock 
groups showing advances. 


and whether new legislation is re- 
quired in view af foe enormous in- 
crease in transactions during the 
1980s, writes Sara Webb in 
Stockholm. 

It is also expected to look at 
whether the country needs to set op 


guktions an takeovers by the 
of this month. These would give the 
Bank Inspection Board wafer pow- 
ers to question possible nominees 
acting for insiders and to review 
events before firm bids are made. 


Swedish financial markets have 


regional stock exchanges and to been hit by a numbs of scandals in 
consider bow insiders trading regu- recent months. 


SOUTH AFRICA 


In 1912, on our opening day, we had nine orchestras, 
sumptuous food and drink for the Who's Who of Manila. 

In 1987, to celebrate our 75th birthday, we are holding 
a year-long party and have something for just about everyone; 


PRESSURE from a further rise in 
foe financial rand and a slightly 
weaker gold price had a d a mp en in g 
effect on gold shares, which contin- 
ued easier at foe dose. 

Among the heaviest losses were 
Vaal Reefs, down R4 at R33, and 
Kloof, down R1 at R3L50. Bandfan- 
tein finned R1 to R391 against foe 
trend. 

Mining f? n«r»rt^ig gy nopd. but oth- 


er mi n in g s were steady to slightiy 
firmer. 


Industrials continued firm, with 
the index dhnbing to a new high erf 
1,683 from a previous record high of 
1,679. 


South African Breweries gained 1 
15 cents to R17A5, De Beers re- , 
mained steady at R3825 and Bar- . 
few Rand lost 25 cents to R20.fi. 



DJ Industrials 
DJ Transport 
DJUttMss 
S&P Comp. 

LONDON F» 

Old 

SEMO 

AAB-otara 
A 500 
Odd nows 
A Longs* 


Marts Pmwtouo Year ago 
2280-91’ £290.48 178755 ~ 
84ZJT* 839L68 BOSS? 
237^4- 216S2 18501 

293 SB* 233-00 236j« m 

Gan 

1.581B I^BBA 1A1B.1 W 

1^910 2.006.6 ieS9S 

994SS 1001 OZ 8KM8 
1,117^4 881^0 
3604 34L3 3108 Mm 

OjSI 0*1 ftW 


IKONO HMigSong 

2.721 -2B 278101 1S6BSI 


Our Diamond Jubilee is 
a once-in-a-lifetime event. 
For us, this is history and 
a chance to say “Thank 
you/' 

For you this could mean 
a lifetime of lovely 
memories at one of the 
most incredible places in 
the Orient. 

And from January 1 to 
December 31, 1987 there 
are some very special, 
reasons for just about 
everyone to stay at the 
“Address of Prestige." 

$75 per night 

All rooms and regular 
suites. This fabulous flat 
rate applies to single or 


double occupancy of any 
of our 61 regular suites or 
504 rooms on a first-come. 


BwcaOomm. 

73535 70285 648AS 


Mar IB Pravtous 


ANP CSS 

277.00 277.10 2837 
25590 26670 2504 


T OafoSE 

41494 41237 35463 


1-8335 1-8353 

15146 15122 
6.1025 61065 
15345 12350 
2J3710 20733 

100600 130400 
37075 3604 

13186 76175 


March 19 Preu 

Prlca YWd Prtoa viild 

W 1989 sen* 636 7 9tnm 6384 

Tk 1998 100 6894 SSTfa 7000 

79, 1988 WTIfa 7.1B2 lOOIfa 7.182 

7U 2018 100 7.498 100 7488 

Sounx: Hmb That Savings Bm* 



first-served basis. -A 

'.Eariy .bookings are ■ "... 

advised if you are to get 
the suites. And if a suite is ■ '= 
not available on check-in, ; ^r. 
guests will be transferred as ^ ’ 
-soon as one becomes • . . ^ 
available, ' ’ / . 

$750 per night . . : . 

Penthouse, Presidential : v- 
and MacArthur Suites. At ’ : -' : 
this flat rate, you can -- > < > 
make the Penthouse, - ^ - 
Presidential or MacArthur ^ 
Suites your "Home away 
from home". Just like Liza" " \ 
Minnelh', Burt BacharacH,- ■ 
Julio teslas, and even the m *\ : y 
Jate General Douglas .O - r 4f. 
MacArthur himself . : 


ShattsThnn 
IMtJBT IfBTSt 


MTUMEST RATES 


hwNHnrMn 

March 19 


MAai 21 ,644,3221 .705.08 H4765 

Tokyo SE 1JBSSS1 9JS74M 1.158.15 


SOUTH in 

Goto 

hdutUi 


USE 

— 1,8014X3 1J2S0.8 

— ISTftO0 1,1920 


(3-monlh oBamd rHa) 
c 


MIMHU 

AQOrd tJBMJi \&B2 l,iaa 
MaWaAMkw. 8160 8110 5S8J3 


MM Madrid SE 


— 23008 190.10 


CrxSAWNn 201.32 20173 234^8 

MUMH R 

450458 4/49806 3.41709 


2^4081 2S3105 157S78 


(oSsrad rata) 
3-month US$ 
SmcrthUS* 

UtMMl 




Me&jrttf 

Retwn 

0e/« 

YWd 

Oaf* 

Mb 19 

Prev 

tywraj 

rtta 

chengs 


dmngs 

WKW 

9% 

1-30 

163.17 

+023 

653 

.nm 

4 

4% 

1-10 

15483 

+0.12 

688 

-003 

4 

4% 

V 3 

14403 

+007 

037 

-0J03 

8 

8% 

3-5 

15787 

+017 

6-71 

“0X0 

n ten 


15-30 

19388 

+088 

778 

—003 

6% 

8» 

6% 

5% 

Sn*ea: Uma lynch 




There are pehaps a dozen incredible places you must see in theOriort. 
. One of them isa hoteL 


SwNBtfkM 
533.60 58100 5790 


WORLD MS Cop. btl 

Iteehia 4274 4266 2987 


2^160* 2LB506 2J3810 
V8702395B 


Marcfiia Prsv 

Prtoo YUd Pifco VWd 

AT4T3A JuJy 199Q 

luchj (uehj 8371 £95 

SCOT South Central 1lA4an 1898 


(London) 


t JB038 tfitosr 
****** — 19634 239116 


ster {spot) 
Copper {cash) 
CoffM (Mpy) 
OB (Brent) 


March 19 Prw 
347B0p 347 JOp 

£91450 £90790 

£1^7200 E1JB&00 

81805 81835 


OCGNV 44890 44200 332.7 

MLTendenee 112J80 11610 817 


Wlf6W« ff 

FA2*Aldlon 53802 S55.1C 89177 
Comm**** 1.633.10 1^8U80 20963 


QOLP ($/oz) 

March 19 Prw 
London 840425 340450 

BMch $40480 840450 

PWfeificins) 540692 840826 

Unnttnuro 840525 $40880 

taw York (Aprq $408.10 S4D&00 


IK1taiayBM*(esn 

8Y> 3£nda <4 100% 

Mar 19 Utest Hgh Low 

Mvch 102-06 102-11 101-04 

U» Tte— ry Wta (8— 1 
Sim pomn of 100% 

June 9463 8466 8447 

to—te «4PepeeU f) 
Sim ports of ioo% 

March - 


Sim ported 100% 

Are 9398 9860 9386 


GSQ^OOSMsd 100% 

March 126-09 126-10 126-00 



(uch) (uch) 

Pbtora Sal 8 April 19S6 

nses 

*70 

101-29 

(uch) (uch) 
TRW 0 % March 1996 

100X30 

uo 

(uch) (uch) 

8480 AlCO M Mvth 2016 

10150 

119 


(uch) (uch) 

11125 

882 

8387 

Gmwral Motors n April 2016 



(uch) (uch) 
CHcoip 9ft Merch 2016 

94.375 

188 

8381 

(“*) (uch) 
Sana: Salomon Bn&m 

101X30 

997 




DIAMOND JUBILEE’ 


FDR RESHWApONK fc MANniKHEL; Tefcjc ITT 40537 MHOTEL PM ETPI 63496 MHOTEL PN 

RCA 22479 MHC PH; MA NILA HQ t hL HK SALES Cffl QE, S uite 1802, Swire House, Chater Roofo-Homdcane 
TeL 5-253262/254012; UTELL INTERNATIONAL LTD.; PAL DISTRICT SALES/ RESERMlON OFFICES W^S^IDE, ' 


1284M 'LsNsrawbM^tm